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US EV Makers Have Mixed Q3

Tesla volume dips as much smaller rival Rivian surges.

October 2, 2023
US EV Makers Have Mixed Q3

Though its third-quarter volume missed expectations, Tesla said it should achieve its full-year volume forecast of 1.8 million units.

IMAGE: Pexels/Pixabay

1 min to read


Tesla’s third-quarter sales dipped as electric-vehicle cohort Rivian’s deliveries reached a record level.

Texas-based Tesla, the U.S. EV market leader, said it had a little over 435,000 sales, down from the second quarter and under Wall Street expectations. It cited some factory shutdowns for upgrades.

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Tesla has ironically focused this year on price cuts to increase volume as market pressures threaten sales, including high prices across the industry and interest rates. Despite the third-quarter results, it said it still expects to achieve its full-year volume forecast of 1.8 million units.

Meanwhile, Rivian delivered over 15,500 vehicles during the quarter, up 23% quarter-over-quarter and exceeding analyst expectations. The California-based EV maker said it’s on pace to produce 52,000 units this year, more than it expected before supply constraints loosened.

DIG DEEPER: EV Market Continued to Evolve in Q2

 

Originally posted on Auto Dealer Today

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