Tesla posts strong sales as EV tax credit lapses, Musk becomes first $500 billion man

Core Insights - Elon Musk briefly became the world's first individual worth $500 billion, driven by Tesla's record quarterly sales [1][3] - Tesla delivered a record 497,099 vehicles globally from July to September, marking a 7.4% increase year-over-year, surpassing analyst expectations [2] - The expiration of the $7,500 federal tax credit for new EV purchases on September 30 raises concerns about future sales and demand [4][5] Company Performance - Tesla's strong sales performance was complemented by Ford and GM, which also reported record EV sales during the same period [4] - Combined sales of the Model Y SUV and Model 3 sedan rose 9.4% to 481,166 vehicles [2] Market Outlook - Analysts predict a potential decline in EV demand following the expiration of the tax credit, with some automakers already scaling back their EV product plans [5][6] - Ford's CEO estimated that EV demand could halve due to the tax credit expiration, prompting companies to adjust pricing strategies [6] Investor Sentiment - Despite the uncertain outlook for EV sales, investors remain optimistic about Tesla's future, believing Musk can lead the company into new technological advancements [7]