Tesla's European Sales Plummet, U.S. Surge Offset by Declines
Tesla's sales in Europe have plummeted, with Sweden seeing a 65% year-over-year drop in September 2024, despite heavy sales incentives. Meanwhile, U.S. sales surged but were offset by declines in other major markets like China and Europe. Tesla's valuation now leans more on its autonomous Robotaxis and humanoid robots vision than electric vehicle sales.
Tesla's U.S. market, responsible for about 40% of its sales in 2024, saw a probable surge of over 7.4% in Q3. However, this growth was negated by sales drops in other major regions. Germany, for instance, witnessed a 9.4% decrease in new car registrations in September 2024. Tesla responded by maintaining direct sales through its app and relying on individual government incentives.
The elimination of the $7,500 U.S. electric vehicle tax credit likely pulled purchases forward to Q3 from Q4. Despite these shifts, Tesla's stock price has only dipped by single-digit percentages since the Q3 numbers and remains up by over 6% year-to-date. The company posted record-high deliveries of 497,099 vehicles in Q3 2024, up 7.4% year-over-year.
Tesla's business is poised for a steeper-than-ever sales decline in the fourth quarter due to the loss of the federal tax credit and tough comparisons to Q4 2024. Despite these challenges, Tesla's valuation continues to be buoyed by its vision for autonomous Robotaxis and humanoid robots.
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