Tesla delivers record-breaking EV numbers in Q2 following price cuts

Record-breaking sales dampen risk of new price cuts, analyst projects.
Photo: Arnd Wiegmann/Reuters/Ritzau Scanpix
Photo: Arnd Wiegmann/Reuters/Ritzau Scanpix
BY MARKETWIRE

Tesla delivered a record number of new cars in the second quarter and exceeded analysts’ expectations across the company’s models.

The electric car manufacturer lowered prices on a number of its cars in the second quarter, which is reflected in sales, Bloomberg News writes after Tesla released sales figures for the quarter on Sunday.

The record-high sales dampen the risk that Tesla will cut prices once again.

”People were preparing for another round of price cuts, and the high number of deliveries lowers that risk,” senior analyst Ben Kallo of Robert W. Baird told Bloomberg News.

In the second quarter, Tesla delivered 466,140 electric cars, while analysts surveyed by Bloomberg News expected 448,351 electric vehicles. This is a 83% year-on-year increase. Both Model S/X and Model 3/Y deliveries outperformed expectations.

Production also beat expectations in April, May and June. Tesla produced 479,700 EVs against expectations of 456,617 EVs.

Tesla also managed to lower the spread between produced and delivered cars. In the second quarter, the number of EVs produced exceeded orders by 13,560. In comparison, in the first quarter, almost 18,000 cars were overproduced.

”Everyone was concerned about inventory builds, and it looks like they’ve normalized,” says Ben Kallo.

”The difference between production and deliveries is shrinking, which is what Tesla has said it wanted,” he continues.

Share article

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

On June 1, Senvion's former CFO Manav Sharma started as US country manager for Nordex. Soon he will have a new factory at his disposal. | Foto: Senvion

Nordex restarts production in the US

For subscribers

Further reading