"Tesla Inc. reported a surprise record quarter of vehicle sales as US consumers accelerated electric-car purchases before federal tax credits expired. The company delivered 497,099 vehicles worldwide, 7.4% more than a year ago. While that total far exceeds the roughly 439,600 average analyst estimate compiled by Bloomberg, Tesla's shares slumped Thursday following a record monthly gain in market capitalization."
""While the numbers were better than expected, we think it is important to highlight the data is backward-looking," said Garrett Nelson, an equity analyst at CFRA Research. "Looking ahead, we think there are still major questions regarding the earnings impact of legislative changes on the tradeable emissions credit market and EV demand in an unsubsidized US market.""
"Investors recently looked past Tesla's first-half sales weakness to Musk's promises of growth in areas such as driverless vehicles, artificial intelligence and robotics. The carmaker's shares soared 33% in September, recouping early-year losses and adding $401.9 billion of market value. The stock gave back some of those gains Thursday, falling as much as 3.2% as of noon New York time."
Tesla delivered 497,099 vehicles worldwide in the quarter, a 7.4% year-over-year increase that exceeded the roughly 439,600 average analyst estimate compiled by Bloomberg. A rush to claim the $7,500 federal EV tax credit before its phase-out provided a temporary boost to automotive sales amid an aging model lineup and rising competition. Political backlash to CEO Elon Musk affected consumer sentiment earlier in the year. Investors focused on growth areas such as driverless vehicles, artificial intelligence and robotics, driving a 33% September rally that added $401.9 billion in market value before an intraday decline of as much as 3.2%. CFRA Research described the data as backward-looking and flagged questions about the earnings impact of legislative changes on emissions-credit markets and unsubsidized US EV demand.
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