Technology
Wednesday, July 3rd, 2024 2:44 pm EDT
Key Points
- Tesla’s shares surged by 10% following the announcement of its second-quarter 2024 vehicle production and delivery numbers, which exceeded analyst expectations.
- In Q2 2024, Tesla delivered 443,956 vehicles and produced 410,831 vehicles, outperforming analyst estimates of 439,000 deliveries. Despite a 4.8% decline year-over-year, deliveries rose 14.8% from the first quarter.
- Tesla’s stock closed at $231.26, down approximately 7% for the year. The company’s delivery numbers primarily reflect sales, with Tesla grouping deliveries into Model 3 and Model Y vehicles and others, without specifying individual model or regional data.
Tesla’s stock surged by 10% on Tuesday following the release of its second-quarter vehicle production and delivery figures, which surpassed analyst expectations. The electric vehicle maker reported delivering 443,956 vehicles and producing 410,831 vehicles in Q2 2024. Analysts had anticipated deliveries to reach around 439,000 vehicles for the quarter. Despite a 4.8% year-over-year decline from Q2 2023, Tesla’s deliveries showed a robust 14.8% increase from the previous quarter. The company’s stock closed at $231.26, marking a 7% decline for the year.
Tesla categorizes deliveries into two groups: Model 3 and Model Y vehicles, and all other models, without specifying individual model or regional data. Its current lineup includes the popular Model Y, Model 3 sedans, Cybertruck pickups, Model X SUVs, and flagship Model S sedans. The first quarter of 2024 saw a decline of 8.5% in deliveries due to temporary factory shutdowns in response to factory incidents in Germany and shipping delays related to geopolitical conflicts in the Red Sea.
Challenges in the first quarter were compounded by Tesla’s aging vehicle lineup, heightened competition from other electric vehicle manufacturers, particularly in China, and perceived brand erosion linked in part to CEO Elon Musk’s public statements. To counteract declining sales, Tesla implemented various discounts and incentives throughout the year, including zero-interest loans in China to boost sales of Model 3 and Model Y vehicles.
Looking ahead, investor attention will pivot to Tesla’s second-quarter earnings report later this month and a scheduled marketing event in August, where the company plans to unveil its design for a dedicated robotaxi or “CyberCab.” Analysts like Colin Langan from Wells Fargo have expressed concerns over declining delivery growth and automotive gross margins at Tesla, expecting further challenges with price cuts and lower volumes in the coming months.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/07/02/tesla-tsla-q2-2024-vehicle-delivery-and-production-numbers.html
