Tesla sees modest growth in Q3

This morning, Tesla posted its sales and production numbers for the third quarter of 2024. While not spectacular when compared to Q3 2023, the numbers do show modest growth, unlike the rather disappointing Q2 2024. However, the production and sales numbers were still below many analysts’ estimates.

Tesla built 469,796 vehicles across the months of July, August, and September, a 9 percent increase on Q3 2023. Of those, 443,668 were Models 3 and Y, a 6 percent growth from last year. Thanks to the Cybertruck, the previously moribund “other” category that also includes the slow-selling and outdated Models S and X has grown 91 percent compared to Q3 2023.

Tesla sold fewer cars than it built in Q3, though. Total sales for the quarter amounted to 462,890—6 percent up compared to Q3 2023. That’s better than some analyst estimates, but UBS and Barclays were both estimating 470,000 cars sold during the three months.

The Model 3 and Model Y sold 439,975 units for the quarter, up 4 percent versus Q3 2023. Other sales grew 43 percent to 22,915, suggesting that quite a few Cybertrucks may be in inventory right now.

For a company with a share price predicated on eternal growth, a return to positive year-over-year changes will be somewhat welcome.