Tesla Sales Show Demand Could Be Speeding Up For Electric Cars Tesla's most recent earnings report shows the EV maker is selling more cars now than it was last year.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Tesla reported its best quarter so far this year on Wednesday.
- Compared to the same time last year, Tesla's electric vehicle production is up 9% and its deliveries are up 6%.
Tesla's sales numbers have been down for the first two quarters of this year, but its most recent earnings report shows that numbers are up, indicating increased demand overall in the industry.
Tesla reported on Wednesday that it produced 469,796 electric cars overall, including its popular Model 3 and Model Y, and delivered 462,890 cars in the third quarter of 2024. Of those deliveries, the $29,490 Model 3 and $30,990 Model Y made up 439,975 of the vehicles shipped altogether.
Related: 'Next Tesla' Electric Car Startups Hit Speed Bump: 'Investors Want To See Demand'
Compared to the 430,488 cars Tesla produced at the same time last year and the 435,059 cars it delivered at the time, production is up by about 9% and deliveries are up by about 6%.
According to Bloomberg, increased international demand for electric cars drove shipments up overall.
Demand in the electric vehicle industry is slowing down for new cars but accelerating for used ones, per CNN Business. Ford also recently attempted to drive up demand by offering free home chargers and installation with the purchase or lease of one of their cars.
Tesla supercharging station. Kent Nishimura / Los Angeles Times via Getty Images
The numbers in Q3 are also better than Q2 and Q1 of this year. In Q2, Tesla produced 410,831 electric vehicles and delivered 443,956 electric vehicles; in Q1 the EV maker produced 433,371 cars and delivered 386,810 cars.
The Tesla Model Y was the best-selling electric vehicle in the world last year, according to Statista estimates, with over 1.2 million cars sold. The Tesla Model 3 was the third-best, with about 530,000 vehicles sold.
