CHINA: Tesla Inc’s third-quarter revenue tumbled 39 percent in the United States, its first drop in more than two years, but sales in China and other regions surged, the electric car maker’s break down of sales by geography showed on Tuesday.
US sales, which account for the biggest share of the company’s total revenue, fell to $3.13 billion from $5.13 billion a year earlier.
Sales in China rose 64 percent to $669 million and its other segment, which covers the rest of the globe, rose by more than a billion dollars to $1.83 billion, a regulatory filing showed.
In its earnings report earlier this month, Tesla reported a nearly 8% drop in total revenue to $6.30 billion, missing analysts’ average estimate of $6.33 billion, according to IBES data from Refinitiv. It did not break down sales by geography in the report.
The company, however, surprised investors with a quarterly profit, making good on Chief Executive Officer Elon Musk’s promise, as it delivered a record 97,000 cars.
The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and that it was “highly confident in exceeding 360,000 deliveries this year.”
The drop in sales in its domestic market in the latest reported quarter compares with a 55 percent rise in the second quarter ended June.
“The 40% drop in sales shows there is a ton of work to do to meet guidance,” Roth Capital analyst Craig Irwin said.
Tesla is expanding its service in other markets including China and Europe, as Musk is under pressure to make Tesla sustainably profitable, while still spending on major initiatives ranging from a Shanghai factory and assembly-line to upcoming models such as the Model Y SUV and a Semi commercial truck.
The company’s shares were down nearly 3 percent at $318.66.
Tesla filing shows US sales tumbled 39% in third quarter
Tesla filing shows US sales tumbled 39% in third quarter
- US sales fell to $3.13 billion from $5.13bn a year earlier
- Tesla reported a nearly 8% drop in total revenue to $6.30 billion, according to IBES data from Refinitiv
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
