The automaker delivered 463,000 vehicles from July through September, up from 435,000 a year earlier, offering hope to investors that the company’s sales have stabilised after falling in the first half of the year. The sales data were just below the expectations of Wall Street analysts, and Tesla’s share price fell 3.5% Wednesday.
Tesla boosted sales in part by offering 2.5% financing to qualified buyers in the US, well below the market interest rate. It will be easier for the company to offer cheaper financing after the Federal Reserve cut interest rates by half a percentage point in September, the first of what is expected to be a series of cuts.
Central banks in Europe, China and elsewhere have also been lowering rates. Interest rates determine the size of monthly car payments and are often more important to buyers than sticker prices. That’s why many analysts think car sales in the United States in particular could rise as the Fed cuts rates more.
Tesla’s share of electric car sales has fallen as rivals like General Motors, Hyundai, Ford Motor Co. and BMW have offered more battery-powered models.
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