Tesla 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. TSLA shares dropped Wednesday but pared losses.
Tesla started off its big October, which includes both its robotaxi reveal and third-quarter earnings, announcing Wednesday that it delivered 462,890 vehicles in Q3 while it produced 469,796 units. The company delivered a combined 439,975 Model 3 and Model Y units along with 22,915 "other" vehicles.
Analyst consensus had Tesla global Q3 deliveries totaling 462,000 units, according to FactSet, while the "whisper" estimates were around 465,000- 470,000 vehicles.
The total marks a 6% jump compared to last year's slightly more than 435,029 deliveries and the third-best quarterly deliveries performance ever for Tesla, behind Q2 2023's 466,140 and Q4 2023's record-setting 484,507 deliveries.
Analysts project Tesla matching its record total in the fourth quarter, meaning unit sales would be flat compared to a year ago.
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The company also reported Wednesday that it deployed 6.9 gigawatt hours (GWh) of energy storage products in Q3, down from 9.4 GWh in Q2, but up more than 70% increase compared to a year ago.
In Q1, Tesla deployed 4,053 megawatt-hours (MWh).
Tesla Stock Performance
Tesla stock fell 3.5% to 249.02 during market action on Wednesday after tumbling to 241.50 soon after the open, finding support at the 21-day line. TSLA stock has been climbing further above its 50-day moving average to within around 8% of its July high.
That July high of 271 is also a traditional buy point from a cup base. However, shares could be starting to work on a handle.
On Sept. 5, shares popped above their 50-day moving average, buoyed by robust China sales and the EV giant's full self-driving rollout plans.
TSLA shares jumped more than 22% in September after declining 7.7% in August. Tesla stock has battled back in 2024 and is now up a fraction on the year, after rebounding about 90% from a late-April low.
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Tesla has a busy October ahead after third-quarter deliveries. The EV giant has the robotaxi event on Oct. 10 and then Q3 earnings on Oct. 23.
Tesla stock ranks second in the 35-member IBD Auto Manufacturers industry group. The stock has a 72 Composite Rating out of a best-possible 99. Shares also have a 78 Relative Strength Rating and a 57 EPS Rating.
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