Tesla Sales Fell in Third Quarter

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Yesterday

Tesla's global sales fell in the third quarter, reversing gains from the first half of the year.

The electric-vehicle maker sold 486,532 electric vehicles globally in the period from July to September, down 2% from the same time last year, the company said Friday.

Tesla also reported 9.6% growth in its energy business, a figure that measures how much battery energy the company deployed in the quarter.

Tesla will report its full quarter earnings on Oct. 21.

The decline reverses two quarters of growth in the first half of the year. Most of the cars sold were Tesla's popular Model Y and Model 3 vehicles, which start between $37,000 and $40,000. The automaker discontinued its luxury Model S and Model X vehicles, which it sold for around $100,000.

Sales from its existing inventory of those cars, as well as its Cybertruck stainless-steel pickup, added up to 8,295 deliveries in the third quarter, less than 2% of its total sales.

Tesla's sales decline comes amid a wider downturn in the U.S. EV market. Most other automakers have reported sharp sales declines for their electric models this year. In August, Tesla reclaimed its hold on the U.S. market, selling more than half of all EV sales in the U.S.

 

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