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Tesla Delivers More Than 486,000 Vehicles In Q3 As U.S. Pressure Persists

by THEFUTURE.TEAM

Tesla reported another solid quarter of vehicle deliveries, moving more than 486,000 electric vehicles in the third quarter as the company continued to offset weakness in the U.S. market with stronger performance abroad.

The result marks a second consecutive quarter of momentum after a softer start to the year. Tesla said Friday it built 464,391 vehicles and delivered 486,532, a figure that exceeded Wall Street expectations and surpassed even the most optimistic forecasts for the quarter.

A Strong Quarter, But Still Below Last Year

The latest delivery total was roughly 6,000 vehicles higher than in the second quarter, but it remained below the 497,000 vehicles Tesla delivered in the same period last year. That comparison matters: the prior-year quarter represented Tesla’s best on record, helped by a wave of U.S. buyers rushing to take advantage of an expiring federal tax credit.

Before Friday’s release, Cox Automotive estimated Tesla’s U.S. sales were down nearly 20% year over year, underscoring the pressure the company has faced in its largest market.

What Is Weighing On U.S. Demand

Several factors have contributed to the slowdown. Tesla has not launched a major new mass-market model in years, aside from the Cybertruck, which has struggled to gain traction commercially. At the same time, some prospective buyers have distanced themselves from the brand amid Elon Musk’s political alignment with Donald Trump and his leadership role in the Department of Government Efficiency, which has drawn scrutiny for layoffs and cuts to international aid funding.

Tesla has tried to cushion the impact by leaning more heavily on overseas demand, where electric vehicles generally benefit from stronger policy support and broader consumer adoption.

Europe And China Are Helping Fill The Gap

Sales are rising again in Europe, where tighter emissions rules continue to support EV adoption. Tesla is also reportedly expanding capacity at its factory in Germany to meet stronger demand.

In China, the company has continued to post resilient sales despite intense local competition. Some of that growth has also been tied to expansion into newer markets, including Japan, Australia and Lithuania.

For Tesla, these regions have become increasingly important as the company works to balance a weaker domestic backdrop with more favorable conditions abroad.

Musk Is Looking Beyond Car Sales

Even as deliveries rebound, vehicle sales are no longer the center of gravity for Tesla’s chief executive. Musk has increasingly emphasized the company’s next phase of growth, starting with autonomous transportation.

Tesla recently began putting its Cybercab on public roads in Austin, Texas, where the two-seat vehicle has been offering driverless rides despite lacking a steering wheel and pedals.

The company has also launched production of its long-delayed electric Semi, nearly a decade after the truck was first unveiled. Tesla says it eventually aims to produce about 50,000 Semis annually.

Big Ambitions, Long Timelines

Other projects remain in development, but their commercial timelines remain unclear. Tesla’s second-generation Roadster is scheduled to be re-revealed on October 15, though it remains uncertain when it will reach production.

The company is also advancing its Optimus humanoid robot, a project Tesla has repeatedly delayed. Earlier this week, Tesla said it secured up to $30 billion in new credit lines to support those initiatives as it seeks to scale the Cybercab and Optimus programs.

For now, Tesla’s latest quarter shows a company still capable of moving substantial volume even under pressure. The more important question is whether its future growth will continue to come from selling cars — or from building entirely new businesses around autonomy, robotics and transportation infrastructure.

LVMH Revenue Rises, But China Weakness Continues To Weigh On Luxury Giant

by THEFUTURE.TEAM

A Softer Quarter Exposes The Limits Of Luxury’s Recovery

LVMH, the world’s largest luxury group and parent of Louis Vuitton, Dior, Celine and Hennessy, reported revenue of €18.5 billion in the three months to the end of September, underscoring both the scale of its business and the pressure building across parts of the luxury market.

The company’s revenue rose 1.2% year on year in the third quarter, following a 0.1% increase in the second quarter and a 5.9% decline in the first. The trajectory points to stabilization, but not yet to a convincing rebound.

Organic Growth Misses Expectations

Organic sales growth, which strips out currency effects and portfolio changes, slowed to 1% in the third quarter from 3% in the previous quarter. That result fell short of market expectations and reinforced concerns that the luxury cycle remains uneven.

For the first nine months of the year, LVMH generated sales of €57.1 billion, with organic growth of 2%.

In its statement, the company highlighted the breadth of its portfolio, saying that diversification continues to provide resilience in an uncertain geopolitical and economic environment. That remains one of LVMH’s defining strengths: when one category weakens, another can help offset the downturn.

China Remains The Key Pressure Point

LVMH said sales performed well in the United States, Europe and Japan, but conditions in China remained less favorable. That matters because the country has long been one of the most important growth engines for global luxury brands.

The fashion and leather goods division, LVMH’s most closely watched unit, saw organic sales fall 5% as weaker demand in China weighed on performance. Deutsche Bank said the decline was steeper than the roughly 2% drop expected by analysts.

The segment had delivered its first organic sales gain in two years in the previous quarter, making the latest retreat a notable setback.

Brand Equity Faces A Test In China

The quarter also highlighted the reputational risks facing global brands in China. Louis Vuitton drew criticism after suing local tea company Molly Tea over logo copying. Although the company won the case, the dispute sparked social media backlash and boycott calls, adding another layer of pressure to an already fragile environment.

For a company built on scarcity, aspiration and brand discipline, perception is an asset as valuable as inventory. In a market as digitally connected as China, that asset can shift quickly.

Mixed Performance Across The Portfolio

Not every division weakened. LVMH’s selective retailing business, which includes Sephora, posted an 8% organic sales increase. Watches and jewellery, along with wines and spirits, both recorded 6% organic gains.

That broad mix is precisely what has historically given LVMH an advantage over rivals: it can absorb softness in one category without relying on a single growth driver.

Analysts See A Longer Recovery Ahead

Deutsche Bank analysts said the results could lead to further cuts in earnings forecasts for the second half of 2026 and 2027. They added that it is difficult to see what could improve investor sentiment in the near term.

Still, the bank framed the weakness as cyclical rather than structural. In its view, recovery is taking longer because Chinese demand remains subdued, but the problem does not appear to reflect a permanent deterioration in the brand franchise. Analysts said ongoing brand initiatives are beginning to show results, though improvements are likely to remain gradual.

Investor Pressure Continues To Mount

LVMH’s share price has fallen nearly 40% since the start of the year. In September, L’Oréal overtook the group as France’s most valuable listed company, a symbolic shift that captures how sharply sentiment has changed.

Shares in LVMH were down more than 1.6% in Paris around 10 a.m. CEST following the release.

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