Tesla in Q3 2024: Just under 463,000 sales

With only 4% more sales than in the third quarter, Elon Musk no longer arouses euphoria

Photo by: Tesla

By: Stefan Leichsenring

Oct 6, 2024 at 3:09am ET

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Tesla once again delivered slightly more cars in the third quarter that just ended than in the second quarter. This is according to the figures published by the US car manufacturer on 2 October. However, the increase was small at four per cent. There was also an increase compared to Q3 2023, but it was not much greater at six per cent.

In absolute figures, Tesla handed over around 463,000 cars to customers worldwide in July, August and September. As usual, the Model 3 and Model Y accounted for the vast majority, while the top-of-the-range S and X models (together with "other models", i.e. probably Cybertruck and perhaps also Semi) hardly play a role in quantitative terms.

This means that just under 1.3 million Teslas have been sold so far in 2024. If sales in the last quarter are similar to the first three quarters, Tesla would end up with around 1.7 million cars - this would mean Tesla would have to take a step backwards compared to 2023, as around 1.8 million cars were sold last year. However, as mentioned, this only applies if sales do not pick up - which is often the case for Tesla at the end of the year.

Tesla deliveries (quarterly, since 2021)

As our bar chart shows, Tesla has now been able to report higher quarterly sales twice in a row. However, there was a sharp drop before that, in the first quarter of 2024. The record figure of almost 485,000 cars sold at the end of 2023 has not yet been reached again. Elon Musk will only be able to report more sales in 2024 than in 2023 if he comes close to achieving this feat in the fourth quarter.

None of this sounds very positive, especially when you compare how Tesla was still rushing from sales record to sales record a few years ago. There has now been a break here, which is apparently due to the declining demand for electric cars and increasing competition for Tesla. The stock market also saw it that way, as the share price fell from around $257 to $242, i.e. by around six per cent, after the sales figures were announced.

Tesla plans to report its earnings on 23 October, when Elon Musk traditionally gives an overview of the company's situation and an outlook on his plans. Prior to this, Elon Musk will present his Robotaxi on 10 October. This could lift the mood on the stock market again, as the manager is known to be a master of pitching. The Robotaxi could also convince shareholders of what Musk repeatedly emphasises: that Tesla is not a normal car manufacturer, but an AI company. After all, artificial intelligence is currently generating much more euphoria on the stock market than electric cars.

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The bottom line

Tesla recently sold four per cent more cars than in the previous quarter and six per cent more than in the same quarter last year. In view of the current slump in sales, this is probably not bad, but such growth rates no longer generate euphoria. The long-awaited Model 2 for $25,000 (approx. £19,000) would boost sales figures, but when this will be financially feasible is written in the stars. Of course, Musk is aware of all this and is therefore focussing more on the fashionable topic of AI.

Source: Tesla