Tesla’s electric vehicle sales in the United States received a temporary boost as the $7,500 federal tax credit approaches expiration. The gap between sales of battery electric vehicles from Tesla and BYD has narrowed to its lowest levels in the past four quarters.
Tesla (NASDAQ: TSLA) posted record quarterly deliveries as US consumers accelerated purchases of electric vehicles (EVs) ahead of the expiration of a federal tax credit, after a weak start to the year.
The US electric car maker delivered a record 497,099 vehicles globally in the third quarter, beating Wall Street expectations of 439,612 units, according to data released today.
Quarterly deliveries rose 7.39 percent year-on-year, and were up 29.41 percent from the previous quarter.
Model 3 and Model Y deliveries reached 481,166 units in the third quarter, up 9.36 percent year over year and up 28.75 percent quarter over quarter.
Tesla’s unexpected global delivery growth was primarily driven by its home market of the United States.
Electric vehicle sales in the United States received a temporary boost as the $7,500 federal tax credit approaches expiration on September 30.
During the third quarter, Tesla produced 447,450 vehicles and deployed 12.5 gigawatt-hours of energy storage products.
Tesla will release its third-quarter financial results after the market closes on Wednesday, October 22.
Delivery data for made-in-China cars in the third quarter is not yet available, although July and August figures were 67,886 and 83,192 units, respectively.
Notably, Tesla sales in China — including exports of domestically produced vehicles — declined year over year for seven of the first eight months of this year, with local deliveries declining for six of them, according to data compiled by CnEVPost.
In the third quarter, BYD’s passenger battery electric vehicle (BEV) sales totaled 582,522 units, surpassing Tesla by 85,423 units or 17.18 percent.
This represents the narrowest gap between battery electric vehicle sales from Tesla and BYD over the past four quarters, with the latter showing weaker performance in recent months.
Tesla produces only battery electric vehicles, while BYD manufactures battery electric vehicles and hybrid electric vehicles (PHEVs).
BYD’s new passenger vehicle sales in the third quarter, including battery electric vehicles and hybrids, totaled 1,105,591 units – down 5.88 percent year over year but up 5.80 percent from the second quarter.
This represents Tesla’s sixth year-on-year decline in retail sales in China during the first eight months of this year.
