As a result of the automaker’s numerous price drops and the implementation of the federal electric car tax credits under the Biden administration, Tesla has surpassed Wall Street delivery forecasts for the second quarter of 2023.
The EV manufacturer, which is owned by Elon Musk, reported global production and deliveries records of 479,000 and 466,140, respectively. That’s an increase of 83% year over year and an increase of 10% over the 422,875 Tesla EVs shipped in the first quarter. Given that Tesla withholds genuine sales figures, analysts and investors focus more on delivery figures than production figures.
Compared to its more premium Model S and X models, Tesla delivered a lot more Model 3 and Y automobiles. Tesla delivered 19,489 Model S and X units and 460,211 Model 3 and Y units in total. The company claimed that lease accounting applied to 5% of its sales.
According to figures from the China Passenger Car Association, around half of those deliveries most likely originated from Tesla’s gigafactory in Shanghai. Although the CPCA hasn’t yet disclosed sales figures for June, Tesla delivered 77,695 China-made EVs in May after shipping 75,842 in April. In total, 82,610 of those cars were shipped to mainland China in the months of April and May.
Tesla’s Model 3 vehicles in the United States joined its other models in the second quarter in becoming qualified for the full $7,500 EV tax credit.
Although Tesla’s price reductions in the U.S., China, and other nations suggest that the tactic is boosting sales, investors will want to know how the reductions have affected profitability. Price drops did have an impact on the company’s earnings in the first quarter; according to Tesla, net income dropped by 24% from the same period the previous year.
Come earnings day, we’ll see. On July 19, after the bell, Tesla stated it would release its second quarter financial results.
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