The company hit a record this Sunday with 466,000 deliveries in the second quarter of the year
A Tesla reported record global deliveries this Sunday, with 466,140 vehicles in the second quarter, surpassing the record from last year’s first (422,875) and fourth (405,278) quarters. That number handily beat second-quarter estimates of about 445,000, according to FactSet.
Price cuts and discounts have pushed demand well above Wall Street forecasts. Tesla has been cutting prices across its lineup of vehicles for much of this year as it seeks to boost sales and avoid building up unsold inventory. Deliveries of the 3 and Y models reached 446,915 in the second quarter and those of the S and X models increased to 19,225.
Production has reached 479,700 vehicles, once again exceeding deliveries even as Tesla has cut production below capacity.
The company is aiming for average annual shipment growth of 50%, although it has set a more modest target for this year. The automaker ramped up factory production at a time when underlying demand for its vehicles is showing some signs of slowing after years of sales increases.
In the first quarter of the year alone, deliveries were up 36% year-on-year, driven in part by a series of price cuts that also hurt earnings.
Tesla’s new challenges
The electric car maker faces another test in a few weeks when it releases its second-quarter financial results. Investors will be watching closely how Tesla’s recent price moves impacted results.
Tesla’s operating margin, a measure of profitability, fell to 11.4% in the first quarter from 19.2% in the first three months of 2022. However, it remains higher than many automakers.
The world’s largest seller of electric vehicles, Tesla caught a breather this year after a tough 2022, in which its shares had their worst-ever performance for the year and the company fell short of its delivery goal.
Shares of Tesla more than doubled in the first six months of this year, closing June at $261.77./Dow Jones Newswires
Source: Terra
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