U.S.-based EV stocks are in the spotlight today, as quarterly delivery numbers roll in. Tesla Inc (NASDAQ:TSLA) announced a record 497,099 vehicle deliveries in the third quarter. Investors are questioning how sustainable these numbers are, however, considering the company's push to drive sales before the expiration of the $7,500 clean vehicle federal tax credit, which ended September 30.
At last glance, Tesla stock was down 3.6% at $442.94, looking to snap a four-day win streak. The shares rallied through the second half of last month, adding 33.2% in September alone. Earlier jumping to a new 2025 peak of $470.75 before turning lower, TSLA is still inching closer to its December record peak of $488.54.
Rivian Automotive Inc (NASDAQ:RIVN) isn't faring any better today. The company delivered 13,201 vehicles in the third quarter, a 32% rise from the same quarter a year ago and beating analyst estimates of 12,000. However, the EV name also slashed its full-year delivery forecast, and could also be negatively affected by the federal tax credit expiration.
RIVN was down 7.7% at $14.38 at last look, heading for its sixth-straight day in the red, though the 200-day moving average appears to be keeping losses in check. The stock was rejected by familiar pressure at the $16 region in late September, and is just barely hanging on to a 1.5% year-to-date gain.
