Tesla, which has competitors nipping at its heels, received some good news to end its 2024 third quarter.
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Conway Gittens: War and walkouts: those were the two dominant themes behind a volatile session on Wednesday. But, jobs were a close third. Private hiring rose for the first time in six months suggesting a labor market that is holding its own. Data from payroll processing company ADP showed 143,000 new jobs in September.
Investors will get more jobs info Thursday with the weekly update on jobless claims and a look at the health of the mighty services sector.
Turning now to other business headlines – Tesla has done something that it hasn’t done all year. The third quarter was the first quarter in 2024 the electric car maker saw a sales gain.
463,000 Telsas were delivered globally between July and September. That’s up 6 percent from a year ago and a 4 percent gain from the April to June quarter. The sales bump is a welcome relief, as Tesla posted its first-ever back-to-back sales drop earlier this year. Those two losing quarters have put Tesla into an annual sales deficit. Year-to-date, Tesla has sold 1.3 million vehicles – that’s down 2 percent from the same time in 2023.
Elon Musk could use a little bit of good news. Even though Tesla set the trend and recently regained its spot as the world’s top EV seller, competitors are coming on hard and fast. Chinese automakers are eating into Tesla’s market share in parts of Asia and in Europe. BYD is nipping at Tesla’s heels with year-to-date sales of 1.2 million.
Tesla, however, is a formidable challenger. The Model Y overtook the Toyota Corolla as the world’s most popular vehicle last year – becoming the first EV ever to take that prize.
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