tesla released the second quarter Vehicle production and delivery report Sunday 2023.
Here are the key figures from the electric automaker:
Total Q2 2023 deliveries: 466,140
Total Q2 2023 production: 479,700
Tesla reported that about 96% of its deliveries for the quarter were the Model Y crossover and Model 3 entry-level sedan. The company’s older Model X SUV and Model S sedan, which are pricier, accounted for less than 5% of deliveries.
Tesla reported an 83% year-over-year increase in deliveries after the company ramped up manufacturing capacity, including boosting output at its second U.S. auto assembly plant in Austin, Texas.
The company did not break down deliveries by region or individual models.
In the second quarter of last year, Tesla delivered 254,695 vehicles, and in the first quarter of 2023, Tesla delivered 422,875 vehicles. In the second quarter of 2022, Tesla produced 258,580 vehicles, compared with 440,808 vehicles produced in the previous quarter.
Deliveries are a closely watched number for Tesla shareholders and the closest thing the company has disclosed to sales. Tesla does not break down its deliveries by individual models or regions.
Wall Street expects Tesla to deliver 445,924 vehicles for the period ending June 30, 2023, according to analyst estimates compiled by FactSet’s Street Account.
Independent researcher who publishes a paper Troy Teslick looking forward to delivery 448,000 vehicles, 471,355 produced.
Chief Executive Elon Musk’s electric carmaker offered discounts and other incentives to boost U.S. sales of its vehicles during the quarter, including its Model 3 entry-level sedan and the recently launched The older Model X SUV and Model S flagship sedan currently make up only a small fraction of Tesla’s total sales.
According to the firm’s analysis, Tesla saw “generally stable prices” in the second quarter, Alexander E. Potter, senior research analyst at Piper Sandler, wrote in a June 26 note. The company’s deep discounts in the first quarter, both inside and outside of China, sparked calls for a “price war” in the electric vehicle market. Porter warned that “price cuts in the third quarter, if any, could reignite investor concerns about margins”.
Tesla currently operates vehicle assembly plants in Fremont, California, Austin, Texas, and overseas in Shanghai and Brandenburg, Germany (outside of Berlin). The company also makes the Semi, a heavy-duty electric truck, at its battery plant in Sparks, Nevada. Deliveries of the Semi start in December 2022, but Tesla still hasn’t mass-produced the truck.
In March, Musk announced Tesla plans to build a new factory near Monterrey, Mexico, just a day’s drive from the Austin, Texas factory. After meeting Indian Prime Minister Narendra Modi in New York in June, Musk said Tesla also wanted to invest in India “as soon as possible.”
The company expects to begin selling a partially revamped Model 3 in North America this year. At the annual shareholder meeting in May, Musk also said Tesla would deliver its first Cybertruck pickup in 2023 and was developing a new drive and other technology that would allow it to launch more affordable vehicles in the future. electric car.
Expectations for newer, more affordable models are likely to continue to weigh on sales, along with increased competition, especially in China.
Musk is also the executive chairman and CTO of Twitter and the CEO of SpaceX wrote in a tweet Ahead of the Q2 report: “Please advise people to be wary of margin lending. Tesla has been a highly volatile stock, often with no apparent pattern or reason. We are confident in long-term value creation, but can’t contain the turmoil in the stock market manic and depressive nature.”
Shares of Tesla closed at $261.77 on Friday, ahead of the second-quarter update.
— CNBC’s Ashley Capoot contributed reporting.
This is a developing story, please check back for updates.