Tesla Reports 7% Global Sales Increase Despite Boycott Challenges
Tesla Reports 7% Global Sales Increase Despite Boycott Challenges

Tesla Reports 7% Global Sales Increase Despite Boycott Challenges

News summary

Tesla reported a 7% increase in car sales in the three months through September, marking a rebound after a period of decline linked to backlash against CEO Elon Musk's political affiliations with President Donald Trump and far-right politicians in Europe. This sales boost was largely driven by consumers rushing to take advantage of a $7,500 tax credit before it expired, a trend that benefited all electric vehicle manufacturers. Despite Tesla's sales rise to 497,099 vehicles, surpassing analyst expectations, skepticism remains among investors and analysts about the sustainability of this growth, viewing it as potentially a temporary spike rather than a true turnaround. Rivian Automotive, a Tesla rival, experienced a more significant sales increase of 32% during the same period. Tesla's stock initially rose on the sales news but closed lower amid ongoing concerns about demand issues and Musk's controversial public actions, including his recent cancellation of a Netflix subscription over critical comments. While Musk has shifted focus to new business areas like robotaxis and factory robots, the company continues to face challenges in restoring long-term consumer confidence and market stability.

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