Tesla's Q2 Delivery Beats Wall Street Expectations
Tesla delivered 480,126 vehicles in Q2, far exceeding the 406,000 Wall Street expected.
Deliveries rose 25% year on year and 34% from Q1. Lower-cost Model 3 and Y variants, European gas prices, and FSD rollouts drove this success.
Key Takeaways:
- Record Breaking: Tesla delivered 480,126 vehicles, a 25% year-on-year increase, surpassing expectations by 18%. Production stood at 451,758 units.
- Model 3 and Y Dominance: These models accounted for 97% of total deliveries.
- Geographic Factors: Soaring gas prices in Europe, coupled with Tesla's lower-cost offerings, significantly impacted sales. Chinese competitors continue to challenge Tesla on price.
- US Market Shift: Americans are shifting towards hybrids rather than full EVs.
- Energy Business Growth: Tesla deployed 13.5 GWh of battery storage in Q2, up from the previous year. SpaceX recently purchased Megapacks for its data centers.
- Financial Performance: Despite the record deliveries, Tesla shares were down about 5% year-to-date as of July 2nd.
Tesla plans to report Q2 financial results on July 22.