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And crucially, these are newcomers adding to Tesla's ranks. Much like in Q2, “nearly all” of the 79,600 Model 3s delivered in the period went to customers who didn't hold a reservation. That's a sign of “strong organic demand,” if you ask Tesla.
Not everything is rosy. Model S and X deliveries were down ever so slightly to 17,400. And remember, these are deliveries, not earnings. Q2's record deliveries helped Tesla narrow its losses, but it didn't avoid those losses. Although the company has turned a profit before, it's lately been struggling to overcome its costs. There's also the matter of continuing the streak. Shrinking US subsidies have made it more expensive to buy a Tesla, and competition is looming in the Porsche Taycan and more accessible EVs like VW's ID lineup. In a sense, Tesla is racing to snap up buyers before some of them are lost to competitors.