Oct. 23 (UPI) -- Tesla reported profits were down 37% in the third quarter despite a jump in revenue to $28.1 billion on frontloading of sales driven by buyers racing to beat the deadline for a federal tax credit before it expired Sept. 30.
The tax credit, worth up to $7,500 on EV purchases, helped the firm buck a run of declining quarterly sales along with a new six-seat version of its popular Model Y midsize SUV that performed well in the Chinese market.
While sales of competitors, including Ford and Hyundai, still outpaced Tesla's it also lured in buyers with interest-free finance and insurance contributions.
That helped overall income rise by just under $3 billion, compared with the same period last year, and $1.73 billion more than predicted by analysts, with the largest contribution still coming from vehicle sales.
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