Tesla late Monday increased U.S. inventory discounts and started offering 0% financing for up to 60 months on Model Y and Model 3 vehicles without needing to purchase full self-driving as the EV giant appears to be pulling out all the stops to ramp up unit deliveries in the fourth quarter.
The company increased U.S. inventory discounts by as much as $4,000 on certain Model Y and Model 3 vehicles, an increase from the previous $2,500 discount. Meanwhile, Tesla is now rolling out 0% APR for 36-60 months for Model Y purchases and 0% APR for 36-months on the Model 3 with a minimum down payment of 20%. Customers can now get 0% financing for a Tesla vehicle without buying full self-driving, FSD, previously a requirement for that particular perk.
Tesla and Chief Executive Elon Musk are attempting to hit 1.8 million global vehicle deliveries in 2024. In early October, Tesla reported global third-quarter deliveries increased 6% compared to a year ago, hitting the third-best quarterly total ever, as the EV giant saw vehicle unit sales return to growth for the first time in 2024 buoyed by a strong performance in China.
To reach the 1.8 million number, the company will need a record-setting Q4 — well above Tesla's current high-water mark of 484,507 deliveries from Q4 2023. Analyst consensus currently has Q4 deliveries hitting 487,000 and a total of 1.78 million deliveries in 2024, according to FactSet.
TSLA stock edged down 0.4% to 217.97 during market trade on Tuesday. The stock declined 0.8% on Monday. The company reports third-quarter earnings and revenue after the market close on Wednesday.
Tesla Stock Performance
TSLA has dropped more than 16% in October, booking the worst weekly loss since April between Oct. 7-Oct. 11. TSLA capped that week with a 8.8% tumble, falling decisively below its 50-day moving average in heavy volume.
Tesla Robotaxi Event: Cybercab, Robovan Unveiled; Musk Sees Self-Driving 'Next Year'
The Oct. 11 sell-off followed the much-hyped Tesla robotaxi event.
The stock has traded tight in the handle of a cup-with-handle base ahead of earnings. The base has a traditional buy point of 264.86, according to MarketSurge charts.
Tesla stock ranks third in the 35-member IBD Auto Manufacturers industry group. The stock has a 52 Composite Rating out of a best-possible 99. Shares also have a 52 Relative Strength Rating and a 57 EPS Rating.
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