Tesla sales hit a record 497,099 vehicles in Q3 as buyers rushed before the U.S. tax credit expired according to reports. Despite the surge, experts warn the gains may not last amid rising competition.
Tesla’s third-quarter global sales jumped 29% from the previous quarter and 7% year-over-year, marking the first year-over-year gain in 2025. The spike came as American buyers raced to secure a $7,500 federal EV (electric vehicles) tax credit before it expired on 30 September.
CEO Elon Musk briefly saw his net worth top $500 billion, making him the first person to surpass the half-trillion-dollar mark, though shares later dipped, reducing his net worth to $490 billion.
Tesla does not break down regional sales, but other automakers also reported record U.S. EV sales in Q3. GM more than doubled its EV sales, Ford saw a 30% rise, and Hyundai’s sales doubled, though it cut prices on its IONIQ 5 EV model. Analysts expect further price adjustments as competition grows.
Despite the quarterly boost, Tesla’s year-to-date sales are down 6% from 2024, and the company faces mounting competition globally. Chinese automaker BYD’s EV passenger car sales rose 31% in Q3, giving it a total of 1.6 million units this year, surpassing Tesla’s 1.2 million. BYD is positioned to become the world’s largest EV maker, even without U.S. sales.
Experts say Tesla’s challenges come from political backlash against Musk, growing Chinese competition in Europe, and an increasingly crowded EV market.
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Elon Musk took the stand on Tuesday (28 April) at a high-stakes trial over the future of OpenAI, casting his lawsuit against the ChatGPT maker as a defence of charitable giving.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
Tesla delivered 1.64 million vehicles in 2025, down 9%, as BYD becomes the top EV maker.
Prime Minister Benjamin Netanyahu held a joint conference call on Sunday night from Florida with entrepreneur Elon Musk, Transportation Minister Miri Regev and Head of the National AI Directorate Erez Eskel.
Australia confirmed it will repatriate citizens from the MV Hondius cruise ship hit by a deadly hantavirus outbreak, with quarantine on arrival. Spain, France are evacuating nationals as three deaths are confirmed. In the U.S., two passengers have been isolated after testing positive for the virus.
U.S. President Donald Trump on Monday dismissed Iran’s response to a U.S. peace proposal as a “stupid proposal,” saying Tehran failed to commit to abandoning its pursuit of a nuclear weapon, while warning the fragile ceasefire was on “massive life support”.
President Donald Trump called Iran’s response to a US war proposal “totally unacceptable” after Tehran sent its reply through mediator Pakistan, according to IRNA. Qatar’s al-Thani also warned Iran against using the Strait of Hormuz as “a pressure tool”.
Metropolitan Shio of Senaki and Chkhorotsku has been elected the 142nd head of the Georgian Orthodox Church at a meeting of clergy in Tbilisi following the death of longtime Patriarch Ilia II.
A Turkish Airlines plane caught fire in its landing gear tyres after landing at Tribhuvan International Airport on Monday (11 May) morning, temporarily disrupting airport operations, officials said.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
U.S. President Donald Trump has said he will raise tariffs on cars and trucks imported from the European Union to 25% next week, up from the 15% level agreed last year, accusing the bloc of failing to comply with its trade commitments.
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