Tesla has released its Q3 delivery and production results for 2024, marking a return to year-over-year growth after two consecutive quarters of decline as the company delivered 462,890 electric vehicles (EVs).

According to Tesla, the company reported total deliveries of 462,890 vehicles in Q3 2024, with the Model 3 and Model Y accounting for 439,975 units. Meanwhile, the other models, including the Model S, Model X, and Cybertruck, contributed 22,915 units to the total. 

In terms of production, Tesla manufactured 469,796 vehicles during the quarter, with the Model 3 and Model Y again leading the way at 443,668 units. The remaining 26,128 vehicles consisted of other models.In addition to vehicle deliveries, Tesla deployed 6.9 GWh of energy storage capacity in Q3, a decrease from 9.4 GWh in the previous quarter.

The Q3 results indicate a significant improvement compared to both the previous quarter and the same period last year. Deliveries saw an increase of 20,000 units from Q2 2024, which reported 443,956 deliveries. This also represents a 6.4% growth compared to Q3 2023, when Tesla delivered 435,059 vehicles. This increase in deliveries marks Tesla’s best quarterly performance in 2024 to date, suggesting a potential turnaround after a challenging first half of the year.

Despite the encouraging quarterly results, Tesla faces challenges in meeting its original targets for 2024. The company needed to deliver 585,000 vehicles in Q3 to stay on track for its initial goal of 2 million deliveries for the year. To match last year’s total of 1.8 million deliveries, Tesla would need to achieve a record 515,000 deliveries in Q4 2024. This ambitious target adds pressure as the company navigates the competitive landscape and strives to maintain momentum heading into the final quarter of the year.

The Q3 results came in just under Wall Street’s consensus expectations of 463,000 deliveries. Tesla’s ability to return to year-over-year growth is attributed partly to increased demand and new subsidies in China, the world’s largest automotive market.

Tesla is scheduled to release its full Q3 2024 financial results after market close on October 23, 2024. The company’s performance in the final quarter of 2024 will be crucial in determining whether it can achieve overall growth for the year.

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Tesla’s future growth may elevate from the introduction of new and more affordable models, which the company has hinted at for 2025 and beyond. As the EV market faces broader challenges and Tesla grapples with an aging product lineup, the company’s ability to innovate and adapt will be key to maintaining its leadership position in the EV sector.

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