Monday, June 24, 2024

Tesla confirms new record deliveries, beats expectations

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Tesla Reports Quarterly Earnings

Justin Sullivan

  • Tesla (NASDAQ:TSLA) said Sunday it delivered 466,140 electric vehicles in the second quarter of 2023, easily beating estimates of around 445,000 units. The company produced 479,700 vehicles in the same period.
  • The delivery and production numbers are record results for the EV maker. In the first quarter of 2023, Tesla delivered 422,875 and produced 440,808 units. Those Q1 deliveries were also record results, but they just beat Wall Street expectations.
  • The second quarter numbers represent 83% increase in deliveries compared to the 254,695 reported during the same period a year earlier, and 10% growth in deliveries sequentially compared to the 422,875 the company reported in the first quarter of 2023.
  • The company reported deliveries of 19,225 of its higher-priced Model S and X vehicles. Tesla reported deliveries of 446,915 of its lower priced Model 3 sedan and Model Y crossover during the quarter.
  • The electric car maker increased discounts on its Model 3 cars and Model Y SUVs in June after multiple round of price cuts in 2023.
  • Tesla shares more than doubled in the first half to close at $261.77 on Friday ahead of the production and deliveries report. (They closed at $123.18 on December 30th, the last day of trading in 2022).
  • Tesla will post its financial results for the second quarter of 2023 after market close on Wednesday, July 19, 2023.
  • Press Release

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