Overview

• Tesla reported 497,099 vehicle deliveries in the third quarter, reflecting 7.4% year-over-year growth and a 29.4% sequential increase.
• The company is set to release full third-quarter financial results on Oct. 22.
• U.S. federal EV tax credits expired on Sept. 30, which likely pulled sales into Q3 and raises the risk of a sequential decline in Q4 deliveries.
• Tesla began producing a lower-cost Model Y earlier this year, with a slow ramp in Q3 and a planned Q4 launch intended to bolster demand after incentives ended.
• With 62.6% of Q2 volume coming from international markets, the overall impact of U.S. policy may be moderated, while a new full self-driving software release is framed as a longer-term catalyst.