Tuesday saw a spike in Tesla shares as the company revealed second-quarter auto production and delivery figures that exceeded analyst forecasts.
The important figures are as follows:
Total deliveries Q2 2024: 443,956 vehicles
Total production Q2 2024: 410,831 vehicles
In the three months ending June 30, analysts were expecting Tesla deliveries to reach 439,000, based on a consensus of estimates that FactSet StreetAccount created. The total number of deliveries in the second quarter fell 4.8% from 466,140 a year earlier but rose 14.8% from the first quarter.
The stock rose 8.8% to $228.29 in morning trading. Before the report, Tesla shares were down 16% in 2024.
Deliveries are the closest approximation of sales disclosed by the electric vehicle maker. Tesla does not disclose delivery figures for individual models or geographical areas, instead classifying deliveries into two groups: Model 3 and Model Y vehicles, and all other vehicles.
The popular Model Y crossover utility vehicles, Model 3 sedans, the recently released Cybertruck pickup trucks, Model X SUV, and the flagship Model S sedan are all part of Tesla's current lineup.
In April, Tesla reported a drop of 8.5% in first-quarter deliveries to 386,810, the first annual decline since 2020. Weeks later the company reported a 13% decline in year-over-year revenue for the quarter, “primarily due to lower average selling price.”
Sluggish sales were in part the result of temporary factory shutdowns initiated in response to an alleged arson attack at Tesla’s factory in Germany, as well as shipping delays following Red Sea conflicts, Tesla said.
![]() |
Sebastian Gollnow | Picture Alliance | Getty Images |
Tesla has offered a range of discounts and other incentives this year to try to spur sales.
In China, Tesla is currently offering a zero-interest loan as an incentive to get customers to buy a Model 3 or Model Y by July 31. As per its 2023 annual report, China accounted for approximately $21.75 billion of Tesla's total revenue, or 22.5% of its total sales.
Wells Fargo analyst Colin Langan said in a report that was made public on Monday that the company is seeing "declining delivery growth driven by lower demand & diminished return on price cuts." Selling Tesla stock is what he suggests.
Wells Fargo anticipates a decline in Tesla's automotive gross margins, excluding environmental credits, as the year goes on due to the "likelihood of more price cuts & lower volumes."
The company's second-quarter earnings report later this month and an additional marketing event in August, where the company plans to unveil its concept for a specialized robotaxi, or "CyberCab," will now command investors' attention.
Your Comments Are Welcome