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Musk Reports Tesla Sales Jump After Months of Boycotts, but Experts Suspect More Pain Is in Store
Tesla’s 7% sales increase was driven by a US$7,500 tax credit rush despite a 16% profit drop and backlash against CEO Elon Musk, analysts say.
- On Thursday, Tesla reported a 7-per-cent rise in auto sales for the three months through September, reaching 497,099 vehicles versus 462,890 last year.
- Consumers rushing to claim a US$7,500 tax credit before it expired on Sept. 30 drove Tesla's sales jump, following a 13% drop in the first part of the year and a 40% decline in Europe.
- Market moves showed Tesla stock closed the day down 4.5% to $439 despite a 34% September rally as profits fell 16% amid rising competition from BYD and others.
- Even bullish analysts cautioned as financial analysts remain skeptical, with Telemetry Insight's Sam Abuelsamid saying `I expect this is more a blip for Tesla than the restart of growth` and Dan Ives, Wedbush Securities, noting `still demand issues` ahead of Tesla's third-quarter earnings later this month.
- Musk is also pushing driverless robotaxi service launches in several cities by the end of next year, while Tesla board proposed last month a $1 trillion pay package and Forbes listed Elon Musk at $500-billion net worth.
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16 Articles
WFTV 9 abc+13 Reposted by 13 other sources
Musk reports Tesla sales jump after months of boycotts, but experts suspect more pain is in store
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30
Coverage Details
Total News Sources16
Leaning Left6Leaning Right0Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 46%
C 54%
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