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Investing.com -- Tesla shares are up around 3% premarket after the electric vehicle giant beat Wall Street forecasts for third-quarter deliveries.
According to figures released on Thursday, the company delivered a record 497,099 vehicles versus the Bloomberg-compiled consensus estimate of 439,600.
The company produced 447,450 vehicles during the quarter, slightly below Bloomberg’s estimate of 450,313 and down 4.8% year-over-year.
Deliveries, however, rose 7.4% from the same period a year earlier.
Model 3 and Model Y deliveries totaled 481,166 units, representing a 9.4% year-over-year increase and surpassing the Bloomberg consensus estimate of 424,828 units.
Production of those models totaled 435,826, down 1.8% from last year.
Other models contributed 15,933 deliveries, falling short of the 17,184 expected but showing a 53% quarter-over-quarter increase. Production of 11,624 vehicles in the category marked a 13% decline from the previous quarter.
The quarter also set a record for Tesla’s energy business, with 12.5 GWh of energy storage products deployed.
Reacting to the news, Gene Munster, co-founder and managing partner at Deepwater Asset Management, said in a post on social media platform X that "the central debate today is how much of the upside was driven by tax credits."
"Shares of $TSLA are up 3% today (and 40% over the past month) because investors believe the delivery improvement is sustainable," wrote Munster. "In other words, those investors would say a large part of the upside was NOT driven by the tax credit (i.e., improvements in China)."
However, Munster added that he believes "the vast majority (90%+) of the upside was from the credit."
"Yes, outside of the U.S., deliveries improved meaningfully quarter over quarter because of China. But I believe that improvement would have still left deliveries down ~5% y/y, compared to -13.5% in June and -13% in March," he concluded.