Tesla beat Wall Street delivery estimates in the second quarter of 2023 as the automaker’s numerous price cuts and the Biden administration’s federal electric vehicle tax credits take effect.
Electric vehicle maker owned by Elon Musk has announced a record world production of 479,000 units and record deliveries of 466,140. That’s a 10% increase from the 422,875 Tesla electric vehicles delivered in the first quarter, and 83% year-over-year. Analysts and investors are turning to delivery numbers over production numbers because they’re more indicative of actual sales numbers, which Tesla doesn’t release.
Tesla has delivered far more Model 3 and Y vehicles than its more expensive Model S and X vehicles. In total, Tesla delivered 460,211 Model 3 and Y units and 19,489 Model S and X units. The automaker said 5% of its sales were subject to lease accounting.
About half of those deliveries likely came from Tesla’s gigafactory in Shanghai, according to data from the China Passenger Car Association. The CPCA has yet to release sales figures for June, but Tesla delivered 75,842 Chinese-made electric vehicles in April and 77,695 in Can. About 82,610 of these vehicles in total were delivered to mainland China in april and may.
In the second quarter in the United States, Tesla’s Model 3 vehicles joined its other models in being eligible for the full $7,500 electric vehicle tax credit.
While Tesla’s price cuts in the United States, China and other countries indicate the strategy is helping to boost sales, investors will want to see how the cuts have affected margins. In the first quarter, price cuts hit the company’s bottom line — Tesla reported a 24% drop in net profit from the same period a year earlier.
We will see the day of the results. Tesla said it would release its second-quarter results after the July 19 bell.
