Tesla Stock Volatile After Record Q3 Sales; Robotaxi Launch Imminent
Tesla stock experienced a volatile day, surging initially on strong sales figures but closing down 4.5% to $439. The company reported a 7% increase in car sales during the third quarter, exceeding analysts' expectations.
Tesla sold 497,099 vehicles between July and September, surpassing the anticipated 456,000 units. This impressive performance was partly driven by consumers rushing to take advantage of the $7,500 federal tax credit for electric vehicles before it expired on September 30.
Looking ahead, Tesla's robotaxi service is expected to launch in multiple cities by the end of 2023, despite encountering some teething problems. Meanwhile, the company's earnings for the third quarter are scheduled to be released later this month.
Despite Elon Musk's high-profile political and social activities, Tesla's sales remain robust. While Rivian Automotive reported a commendable 32% increase in sales, Tesla's growth in the same period was not specified in the provided data.
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