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Tesla Proves It Doesn’t Need Tax Credits To Survive

Tesla Model S

Tesla’s sales in the U.S. have recently dropped after the tax credits halved in July, but the models on offer from Elon Musk’s electric vehicle (EV) maker are undisputedly the best-selling electric cars in America.  

All of Tesla’s models accounted for 75 percent of all U.S. sales of electric vehicles in October 2019, and for 77.7 percent between January and October, CleanTechnica’s Zachary Shahan has estimated, based on data from CleanTechnica and from automakers.

Last month, the best selling EV model was Tesla Model 3, estimated to have sold around 9,000 vehicles, followed—at quite a distance—by the Chevy Bolt with 1,500 sales, Tesla Model X with 1,400 EVs sold, and Tesla Model S with around 1,000 sales, according to CleanTechnica’s estimates.

For January to October, Tesla’s three models are in the top three best selling vehicles—Tesla Model 3, Tesla Model X, and Tesla Model S.

Tesla Model 3 is beating by a wide margin all other makes in the U.S. EV market—the mass-market EV represented 59 percent of all U.S. EV sales last month, and 62 percent of all sales of EVs in America between January and October.

Tesla’s Model 3 is also becoming a favorite in Europe, where sales and deliveries started with a lag compared to the United States. In September alone, Tesla sold 17,490 Model 3 cars in Europe, making it the most sold plug-in EV on the continent. 

Related: The Rig Count Collapse Is Far From Over

Last month, Tesla surprised the market with an unexpected profit for the third quarter, and achieved a record number of around 97,000 deliveries globally in Q3. 

Yet, Tesla saw its sales revenues on its biggest market, the United States, plunge by nearly 40 percent in Q3. The company’s revenues in the U.S. fell to US$3.127 billion for the third quarter, down from US$5.133 billion for the same period last year. Revenues in China—where Tesla is building its first Gigafactory outside the U.S. aiming to grow sales significantly—rose to US$669 million from US$409 million.

Tesla’s revenues in Norway and the Netherlands, two other key markets for the EV manufacturer, also rose in Q3 2019 compared to Q3 2018. Revenues in all other markets jumped to US$1.827 billion from US$784 million, suggesting that Tesla is betting big on a global expansion of its offerings.

By Tsvetana Paraskova for Oilprice.com

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