Tesla reports gain rise in sales for the first time this year

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tesla has reason to celebrate.

Transcript

00:00I'm Conway Gittins reporting from New York. Here's what we're watching on the street today war and walkouts

00:05Those were the two dominant themes behind a volatile session on Wednesday

00:09But jobs were a close third private hiring rose for the first time in six months

00:15Suggesting a labor market that is holding its own data from payroll processing company ADP showed

00:22143,000 new jobs in September

00:24Investors will get more jobs info Thursday with the weekly update on jobless claims and a look at the health of the mighty services sector

00:33Turning now to other business headlines

00:35Tesla has done something that it hasn't done all year

00:38The third quarter was the first quarter in 2024. The electric car maker saw a sales gain

00:46463,000 Tesla's were delivered globally between July and September

00:50That's up 6% from a year ago and up 4% from the April to June quarter

00:56The sales bump is a welcome relief as Tesla posted its first ever back-to-back sales drop earlier this year

01:04Those two losing quarters have put Tesla into an annual sales deficit year to date

01:09Tesla has sold 1.3 million vehicles. That's down 2% from the same time in

01:152023 Elon Musk could use a little bit of good news

01:18Even though Tesla set the trend and recently regained its spot as the world's top EV seller

01:24Competitors are coming on hard and fast

01:26Chinese automakers are eating into Tesla's market share in parts of Asia and in Europe

01:32BYD is nipping at Tesla's heels with year-to-date sales of 1.2 million

01:37Tesla however is a formidable challenger

01:40The Model Y overtook the Toyota Corolla as the world's most popular vehicle last year

01:45Becoming the first ever EV to take that prize

01:49That'll do it for your daily briefing from New York. I'm Conway Gittins with the street