Tesla gross sales rise as Musk battles cut-price Chinese rivals – newest updates
Tesla has recorded a rise in sales for the first time this year, after Elon Musk’s electric car company stepped up a rivalry with Chinese carmakers.
The world’s biggest electric car company delivered 462,890 vehicles in the third quarter of 2024, up 6.4pc on the same period last year.
It follows declines in the first and second quarters of the year, which was Tesla’s first consecutive sales drop in more than a decade.
The sales rise is a boost to Mr Musk, who is seeking to maintain Tesla’s crown as the world’s most popular maker of electric vehicles.
Tesla’s sales in China have increased in recent months after the company introduced incentives such as interest-free loans and deals on insurance in an attempt to take on domestic rivals in the world’s biggest EV market.
China accounts for around a third of the company’s sales.
However, the company faces the prospect of being overtaken as the world’s most popular electric car maker by China’s BYD in the coming months.
BYD has sold 1.2m battery-powered vehicles so far this year, compared to Tesla’s 1.3m.
Mr Musk, whose stake in Tesla has made him the world’s richest man, is poised to unveil Tesla’s fully self-driving “robotaxi” next Thursday.
He is betting that the company’s driverless car software will allow it to maintain an advantage over rival car manufacturers and Chinese upstarts, even as its lead in electric cars subsides.
Tesla shares have risen in recent weeks amid optimism about the company’s robotaxi event. It comes despite sales of electric cars slowing in the US, Europe and UK amid concerns about range and charging costs.
While many manufacturers have delayed electric vehicle launches or focused on stopgap vehicles such as plug-in hybrids, Tesla’s all electric vehicles mean the company is particularly exposed to slowing sales.
The company said earlier this year it would step up plans for a new cheaper electric car.
Tesla’s shares fell 4.8pc on Wall Street as its vehicle deliveries were below Wall Street expectations.
Read the latest updates below.
