Tesla stock jumps after record third-quarter deliveries

The electric car maker delivered 343,830 vehicles in the third quarter of 2023, up 42% year over year.

Tesla's stock jumped in after-hours trading on Monday after the company reported record third-quarter deliveries. The electric car maker delivered 343,830 vehicles in the third quarter of 2023, up 42% year over year.

The increase in deliveries was driven by strong demand for Tesla's Model 3 and Model Y vehicles.

The Model 3 is Tesla's most affordable vehicle, and it has been a popular choice for first-time electric car buyers. The Model Y is a compact SUV that is similar in size to the Model 3, but it has more cargo space and a higher ground clearance. Both the Model 3 and Model Y are eligible for the federal electric vehicle tax credit, which makes them even more affordable for buyers.

Tesla's record deliveries come at a time when the electric car market is growing rapidly. In the first half of 2023, global electric car sales increased by 63% year over year. Tesla is the leading electric car maker in the world, and it is well-positioned to continue to benefit from the growth of the electric car market.

The company's stock price has been volatile in recent months, but it has still outperformed the broader market. Tesla's stock is up more than 50% year to date, while the S&P 500 index is down more than 20%. Tesla's strong third-quarter deliveries are a sign that the company is continuing to execute well, and they should provide support for the stock price going forward.