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Tesla (TSLA) Logs 466,140 Deliveries for the Second Quarter
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Tesla (TSLA - Free Report) registered a significant rise in the number of vehicle deliveries after several rounds of price cuts. In the second quarter, the number of deliveries increased by around 10% quarter-over-quarter to 466,140 and the number of units produced increased by 8.8% quarter-over-quarter to 479,700. Also, the number of deliveries in the second quarter rose by 83% year-over-year, while the number of units produced increased by 85.5% year-over-year.
For Model S/X, the number of units produced and delivered stood at 19,489 and 19,225, respectively, whereas for Model 3/Y, the number of production units and deliveries stood at 460,211 and 446,915, respectively.
The reported quarter was the fifth quarter in a row where the number of units produced for Tesla exceeded the number of deliveries.
Elon Musk, CEO of Tesla, has been offering discounts and other incentives in the United States to increase the affordability and, consequently, the sales of vehicles. Musk said that the company would prioritize sales over margins in a weak economy with rising competition.
Tesla Model 3/Y are eligible for a tax credit of $7,500 in the United States under the Inflation Reduction Act. During the reported quarter, the Model Y crossover and the Model 3 entry-level sedan contributed to 96% of the total deliveries.
The electric vehicle (EV) pioneer is set to bring the partially revamped Model 3 to North America this year. During the annual shareholder meeting in May, Musk also said that the company will deliver its first Cybertruck pickup in 2023.
Tesla is expected to deliver a record performance in China, its second-largest market after North America, despite facing tough competition from domestic automaker BYD Company.
Recently, auto giants like General Motors, Ford, Volvo and Rivian have signed collaboration agreements with Tesla to integrate NACS plugs into their electric vehicles. Also, the Society of Automotive Engineers has expedited its efforts to make NACS a standard connector in North America to enhance the country’s charging infrastructure.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space are General Motors (GM - Free Report) , Li Auto, Inc. (LI - Free Report) and BYD Company Limited (BYDDY - Free Report) , each carrying a Zacks Rank #1 (Strong Buy).
General Motors is one of the world’s largest automakers. GM shares are up 14.7% year-to-date.
The Zacks Consensus Estimate for its current-year earnings has moved up by 0.7% over the past 30 days.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 72% year-to-date.
The company’s expected earnings growth rate for the current year is 2,400%.
Byd.Co. is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. BYDDY shares are up 30.5% year-to-date.
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Tesla (TSLA) Logs 466,140 Deliveries for the Second Quarter
Tesla (TSLA - Free Report) registered a significant rise in the number of vehicle deliveries after several rounds of price cuts. In the second quarter, the number of deliveries increased by around 10% quarter-over-quarter to 466,140 and the number of units produced increased by 8.8% quarter-over-quarter to 479,700. Also, the number of deliveries in the second quarter rose by 83% year-over-year, while the number of units produced increased by 85.5% year-over-year.
For Model S/X, the number of units produced and delivered stood at 19,489 and 19,225, respectively, whereas for Model 3/Y, the number of production units and deliveries stood at 460,211 and 446,915, respectively.
The reported quarter was the fifth quarter in a row where the number of units produced for Tesla exceeded the number of deliveries.
Elon Musk, CEO of Tesla, has been offering discounts and other incentives in the United States to increase the affordability and, consequently, the sales of vehicles. Musk said that the company would prioritize sales over margins in a weak economy with rising competition.
Tesla Model 3/Y are eligible for a tax credit of $7,500 in the United States under the Inflation Reduction Act. During the reported quarter, the Model Y crossover and the Model 3 entry-level sedan contributed to 96% of the total deliveries.
The electric vehicle (EV) pioneer is set to bring the partially revamped Model 3 to North America this year. During the annual shareholder meeting in May, Musk also said that the company will deliver its first Cybertruck pickup in 2023.
Tesla is expected to deliver a record performance in China, its second-largest market after North America, despite facing tough competition from domestic automaker BYD Company.
Recently, auto giants like General Motors, Ford, Volvo and Rivian have signed collaboration agreements with Tesla to integrate NACS plugs into their electric vehicles. Also, the Society of Automotive Engineers has expedited its efforts to make NACS a standard connector in North America to enhance the country’s charging infrastructure.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space are General Motors (GM - Free Report) , Li Auto, Inc. (LI - Free Report) and BYD Company Limited (BYDDY - Free Report) , each carrying a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors is one of the world’s largest automakers. GM shares are up 14.7% year-to-date.
The Zacks Consensus Estimate for its current-year earnings has moved up by 0.7% over the past 30 days.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 72% year-to-date.
The company’s expected earnings growth rate for the current year is 2,400%.
Byd.Co. is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. BYDDY shares are up 30.5% year-to-date.