US Tesla Gross sales Drop 23% in November 12 months Over 12 months

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As anticipated, EV gross sales within the US are down this quarter. Gross sales surged within the third quarter earlier than the $7,500 US EV tax credit score expired, and so they have subsequently dropped — or collapsed off a cliff — within the 4th quarter.

Reuters has apparently acquired unique information from Cox Automotive this week indicating that it’s trying fairly unhealthy for Tesla. The corporate’s November gross sales within the US have been reportedly down 23%, reaching their lowest month-to-month complete since January 2022. Gross sales have been 39,800 in complete, down from 51,513 in November 2024.

And that’s not all the unhealthy information. As everyone knows, Tesla launched decontented, cheaper variations of the Mannequin 3 and Mannequin Y with the intention to attempt to enhance gross sales. These autos dropped the low-end worth of these fashions by $5,000–5,500, however that doesn’t even make up for $7,500 tax credit score going away on October 1. So, unsurprisingly, these lower-quality variations of the Mannequin 3 and Mannequin Y haven’t saved gross sales afloat, not even shut.

Nevertheless, there’s one other downside right here. A few of these cheaper vehicles have been bought, in fact, and they’re reportedly coming on the expense of the higher-cost, premium Tesla Mannequin 3 and Mannequin Y. That cannibalization signifies that Tesla’s taking a gross margin hit.

A reader, Mark Spohr, made the next remark the opposite day: “Tesla gross revenue peaked at $20 billion in 2022. This yr they’ll be fortunate to make $7 billion.” Hmm … we’ll see. Frankly, with a extreme drop in gross sales and the lack of regulatory credit score income (thanks, Trump), I truly surprise if Tesla couldn’t log a internet loss within the 4th quarter. We will see.