Yardeni Research President Ed Yardeni joined the panel to discuss how to get higher returns in stocks. He analyzes the Magnificent 7’s performance against the S&P 500 and explains the outlook for the technology and communications sectors.
Tesla beat Wall Street estimates for third-quarter deliveries on Friday, as sales in Europe recovered from last year’s slump and made up for weaker demand in the electric vehicle maker’s two biggest markets, the US and China.
Shares of the Austin, Texas-based company rose nearly 2% in premarket trading. Through the last close, the stock is down more than 21% so far this year.
The rebound in Europe partially offset the hit to demand from the loss of US tax incentives last year and tougher competition in China.
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Stronger European vehicle sales offset weaker US and Chinese demand. (John Paraskevas/Newsday RM via Getty Images)
The company delivered 486,532 vehicles in the July-September period, compared with analysts’ average estimate of 456,896 vehicles, according to data compiled by Visible Alpha.
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The figures suggest Tesla’s core car business could be in decline after two straight years of declining annual sales. It would need to deliver at least 311,448 vehicles in the fourth quarter to avoid a third annual decline in shipments.
Demand appeared strong in the quarter as chief financial officer Vaibhav Taneja said in July Tesla “exited Q2 with the largest order backlog since 2023.”
| Ticker | Security | Finally | Change it | change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 354.11 | -0.70 |
-0.20% |
After last year’s slump in Europe – partly due to backlash against CEO Elon Musk’s politics – EU registrations rose by about two-thirds through August. In France, the Model Y is the best-selling car of any type, the first time Tesla has topped the list.
Exports from Tesla’s factory in Shanghai nearly doubled in July and August.
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Analysts expect the launch of the company’s Full Self-Driving software in Europe to help further sales as FSD is currently approved in eight countries.
Tesla recently added a purpose-built Cybercab to its Austin-based robotaxi service. (Mike Blake/Reuters)
Investors, though, have increasingly seen through quarterly submissions as Musk shifts Tesla’s focus to AI, self-driving cars, humanoid robots and energy.
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Tesla’s robotaxi service is currently operating without safety monitors inside the cars in Texas and Florida. Last month, the company added the purpose-built Cybercab to its Austin-based robotaxi service.
The company produced 464,391 vehicles during the third quarter, down from 486,761 vehicles.