Pickup Sales Boom, Cars get crushed, Tesla Deliveries Plunge

wolfstreet.com / by Wolf Richter / Nov 1, 2017

Carmageddon for Tesla, Fiat Chrysler, Hyundai, and Kia.

Tesla had its worst quarter ever, which means something. It reported today that it lost $671 million on $2.98 billion in revenues. In the three quarters this year, it lost $1.47 billion. The Model 3 isn’t happening in any appreciable numbers. Only a few hundred hand-fabricated units have been rolled out, with mass-production being woefully behind the company’s silly promises.

All this is OK for a young company trying to needle the giants. But its stock price isn’t OK. Though shares fell to $305 in late trading, down 21% from their peak earlier this year, they’re still giving Tesla a market capitalization of an inexplicable $54 billion.

In October, according to Audodata estimates, Tesla sold a total of 3,550 vehicles in the US, down 13.4% from a year ago. Tesla deliveries in the US, after a strong first half, have been declining since July on a year-over-year basis. Whatever happens to the Model 3, Tesla is losing ground in the US with its other models.

Tesla’s market share in the US in October was a minuscule 0.26% of the 1,354,875 total new vehicles sold in the month. Tesla was ahead only of Maserati and Ferrari – tiny niche brands. Beyond the Wall Street hype, when it comes down to real sales numbers in this vast industry, Tesla essentially gets lost as a rounding error.

Among all automakers, total new-vehicle sales in the US fell 1.3% in October to 1.355 million units (delivered by dealers to their customers, or delivered by automakers directly to large fleet customers).

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