Tesla's 2nd quarter deliveries better than expected
Tesla delivered more of its electric vehicles than expected in the second quarter.
The Elon Musk-run company said Tuesday it completed 443,956 vehicle deliveries during the quarter, including 422,405 across its Model 3 and Ys and 21,551 across its other EV offerings.
The total deliveries represented nearly 6,000 more than LSEG analysts had predicted ahead of the EV maker’s announcement, according to Reuters.
Investors reacted positively to the news, with Tesla’s stock posting an over 8% increase. Tesla shares are down about 11% for the year.
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Compared to the same three-month period last year, Tesla’s deliveries fell nearly 4.6%. Its deliveries also experienced an 8.5% year-over-year decline in the first quarter.
In April, Musk said Tesla "navigated several unforeseen challenges" like disruptions stemming from the Red Sea attacks and a factory arson incident "as well as the ramp of the updated Model 3 in Fremont" during the first quarter.
The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead," he said, noting it was a strategy he didn’t agree with.
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There has also been significant EV competition in China.
In addition to deliveries, Tesla on Tuesday disclosed how many vehicles it built in the second quarter.
That came in at 410,831 for the quarter, a nearly 14.4% decrease from the same period last year.
Like it usually does, the company released the data a few weeks before it is slated to publish its second-quarter financial results on July 23.
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Tesla held its annual meeting – which was closely watched by investors and Wall Street alike – earlier in the month.
At the meeting, shareholders voted to switch the EV maker’s incorporation to Texas. They also approved the reinstatement of Musk’s 2018 pay package, which Tesla is still fighting for in court.
Eric Revell contributed to this report.