Demand For Electric Pickup Trucks Soar In Q3, Except If You're Tesla

Benzinga

Tesla beat Q3 delivery estimates but saw Cybertruck sales plunge 62.6% as Ford, GM, and Rivian gained ground. U.S. EV sales hit a record 438K units, with Tesla’s market share slipping to 43% amid intensifying competition.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla reported third quarter delivery is the peak of expectations,

00:05but its Cybertruck is seeing steep demand erosion, according to Benzinga.

00:09Cybertruck sales in the U.S. are down 62.6% year-over-year.

00:13While rivals Ford, GM, and Rivian posted strong gains in electric pickup sales.

00:17The F-150 Lightning led the segment with 10,005 units, up nearly 40%.

00:22U.S. EV sales overall reached a record in 438,487 units in the third quarter,

00:28up 29.6% year-over-year and 40.7% quarter-over-quarter.

00:33As buyers rushed to claim federal tax credits before they expired,

00:37Tesla's U.S. sales climbed 7.5%, driven by the Model Y's 29% surge,

00:42though Model 3 sales fell 7.8%.

00:44Tesla's share of the U.S. EV market now stands at 43.2%,

00:48down from last year as competitors accelerate.

00:51For all things money, visit Benzinga.com.

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