Tesla sales showed signs of recovery in the third quarter, with the electric vehicle maker delivering more vehicles worldwide than previously expected. The rebound comes after several months of sluggish sales as Tesla faces competition in both China and the U.S.
Tesla Beats Previous Sales Estimate
Tesla sold 486,532 vehicles worldwide during the period, according to the report, exceeding Bloomberg’s previous average estimate of 463,761.
The stronger sales figure follows a difficult stretch for the EV maker, which has faced increased competition in China and the U.S. Tesla founder Elon Musk has also been reorganizing the company, with investments in artificial intelligence, driverless taxis and humanoid robots intended to make the business more resilient to future trends.
U.S. Tesla Sales Continue to Decline
Despite the global increase, Tesla’s performance in the U.S. remained weaker. The automaker sold 144,300 vehicles in the country, representing a 3.5% decline.
The year-to-date figures show a larger drop, with sales down 8.7% to 369,300, according to the Automotive News Data Center.
The latest third-quarter total also compares with Tesla’s 497,099 sales during the same quarter last year. Those sales were largely driven by panic buying before the federal tax credit expired.
Tesla Invests in New Ventures and Its Core Business
Tesla is currently in the middle of spending $25 billion this year on new ventures and updates to its core automotive business.
The company has largely directed that spending toward retooling its manufacturing operations and producing and integrating Robotaxis. The Robotaxis also recently began public operations in Texas.
Model Y and Model 3 Lead Tesla Sales
Tesla has also reduced its vehicle lineup this year by cutting the Model X and Model S, leaving the Model Y, Model 3 and Cybertruck as its automotive options.
The Model Y and Model 3 are driving Tesla’s sales, while the company reported only 8,295 deliveries of other models.
Looking ahead, Tesla has also announced interest in relaunching an all-new version of the Tesla Roadster as the company continues to reshape its business.
