The electric vehicle maker delivered 497,099 vehicles between July and September, marking a 7% increase compared to the same period last year.
While Tesla did not provide a regional sales breakdown, many automakers experienced a significant jump in US electric vehicle sales.
The tax credit phaseout was part of sweeping fiscal legislation backed by President Donald Trump.
Musk has consistently promoted Tesla’s growth potential based on its autonomous driving and artificial intelligence technology.
Hargreaves Lansdown analyst Matt Britzman described Tesla’s latest sales figures as having “smashed expectations.”
He warned that Tesla now faces the challenge of maintaining momentum without the tax credit support.
The federal incentive provided up to $7,500 per vehicle for qualifying electric car purchases.
Foreign brands like Toyota, Honda, and Kia similarly benefited from the pre-credit expiration sales surge.
JPMorgan Chase analysts reported the annualized auto sales rate reached 16.4 million vehicles in September.
The JPMorgan report predicted an “eventual moderation” in sales, likely beginning in October.
Smoke attributed the robust sales performance to a stronger economy and auto market during a recent briefing.
New tariffs have added approximately $5,500 to the average cost of imported vehicles.
Some specific models could experience price increases as high as 8% according to his analysis.
They noted that current retail vehicle inventories remain “relatively tight” compared to last year’s levels. – AFP
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