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Tesla Posted in the second quarter Vehicle production and delivery report for 2023 on Sunday.
Here are the key numbers from the electric car maker:
Total deliveries Q2 2023: 466,140
Total production Q2 2023: 479,700
About 96% of deliveries reported by Tesla were of the Model Y crossover and Sian Model 3 sedan in the quarter. The company’s older, pricier Model X SUV and Model S sedan accounted for less than 5% of deliveries.
Tesla does not separate deliveries by region or individual model.
During the second quarter of last year, Tesla reported 254,695 deliveries, and in the first quarter of 2023, Tesla reported 422,875 deliveries. During the second quarter of 2022, Tesla produced 258,580 vehicles and the last quarter produced 440,808 vehicles.
Deliveries are a number watched carefully by Tesla shareholders and are the closest approximation to sales disclosed by the company. Tesla does not segment its deliveries by individual model or region.
Wall Street had expected Tesla to report 445,924 deliveries for the period ending June 30, 2023, according to analyst estimates compiled by FactSet Street Account.
Independent researcher who publishes under the handle TroyTeslike was expected deliveries 448,000 and a production of 471,355 cars.
The electric car maker offered CEO Elon Musk some discounts and other incentives to boost sales of its cars in the US this quarter, including the Model 3 sedan, and more recently the Model X SUV and the older Model S sedan, which currently account for a small percentage of total sales for Tesla. .
Alexander E. Potter, Piper Sandler’s senior research analyst, wrote in a June 26 note that according to the company’s analysis, “prices were stable” for Tesla during the second quarter on an even-handed basis. The company’s massive discounts at home and abroad in China in the first quarter sparked cries of a “price war” in the electric vehicle market. “Third-quarter rate cuts, if any, could reignite concerns about: margins” for investors, Potter cautioned.
Tesla currently operates vehicle assembly plants in Fremont, California, Austin, Texas, and beyond 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. Semi truck deliveries began in December 2022 but Tesla still does not mass produce the trucks.
In March, Musk announced that Tesla plans to build a new factory near Monterey, Mexico, a day’s drive from its Austin, Texas, factory. After meeting with India’s Prime Minister Narendra Modi in New York in June, Musk said Tesla was also looking to invest in India “as soon as humanly possible.”
The company is expected to start selling a partially facelifted version of the Model 3 in North America this year. At its annual shareholder meeting in May, Musk also said that Tesla will introduce its first Cybertruck pickup trucks in 2023 and is developing a new type of drive unit and other technology that would allow it to offer an affordable electric car in the future.
Anticipation of newer, more affordable models could continue to put pressure on sales, along with increased competition, especially in China.
Musk, who is also the CEO and CTO of Twitter and CEO of SpaceX, he wrote in a tweet Ahead of the Second Quarter Deliveries Report: “Please advise people to be careful with margin loans. Tesla has always been a high-variance stock, often with no apparent rhyme or reason. We are confident in long-term value creation, but we can’t control the manic-depressive nature of the stock market.” “.
Tesla shares closed at $261.77 on the Friday before the second quarter update.
– CNBC’s Ashley Cabot contributed reporting.
This is a developing story, please check back for updates.
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