Tesla Inc (NASDAQ:TSLA) hit the accelerator just in time.
The electric carmaker reported a 7% rise in global vehicle deliveries for the third quarter, releasing the numbers on the same day a key U.S. tax credit for electric vehicles came to an end.
Buyers had rushed to beat the deadline, a last-minute surge that likely helped soften what has otherwise been a bumpy period for Elon Musk’s company.
Tesla delivered 497,099 vehicles in the three months to the end of September, up from 462,890 a year earlier and slightly ahead of market expectations. But output fell to 447,450, down from nearly 470,000 this time last year — pointing to ongoing production constraints.
Despite the delivery beat, Tesla’s shares slid 1.8% in after-hours trading. Investors are now looking ahead to its full quarterly results, due on October 22.