Tesla electric vehicle sales jumped last quarter, as buyers rushed to take advantage of an expiring federal tax credit. <\/p>\n
The company\u2019s EV sales rose 7% in the three months through September compared to a year earlier, mirroring a spike<\/a> in overall EV sales across the country.<\/p>\n The $7,500 credit for new electric vehicles was eliminated on Sept. 30 by the Trump administration. <\/p>\n In July, national sales of new EVs jumped 19% compared to a year earlier, according to Cox Automotive. That same month in Orange County, 32% of new vehicles sold were all-electric, up from 21% in May. <\/p>\n The sales boost could mark the start of a rebound for Tesla, which has struggled this year with declining sales and damage to its brand. The quarterly rise marks the first year-over-year sales increase the company has seen in three quarters. <\/p>\n Tesla delivered 497,099 vehicles in the third quarter<\/a>, up 29% from 384,122 deliveries in the previous quarter<\/a>. In the same period last year, the company delivered 462,890 vehicles. <\/p>\n The company has faced headwinds, including saturation of the EV market in California<\/a> and federally imposed auto tariffs that make cars and parts more expensive. <\/p>\n Chief Executive Elon Musk\u2019s foray into politics as head of the Department of Government Efficiency also alienated many potential Tesla buyers and led to boycotts and protests at Tesla dealerships.<\/p>\n Despite the sales increase, Tesla shares were down more than 3% in trading on Thursday. EV sales are expected to fall this month following the tax credit\u2019s expiration<\/a>. <\/p>\n \u201cThis was a great bounceback quarter for Tesla to lay the groundwork for deliveries moving forward, but there is still work to do to gain further ground,\u201d Wedbush analyst and Tesla bull Dan Ives said in a note. <\/p>\n