Tesla's (TSLA) stock rally continues on Monday after the company reported unexpectedly strong Q2 deliveries. Analysts were wrong by about 20,000 units. The company has proven that it is able to continue its rapid growth despite the economic situation.
Tesla shares jumped pre-market on Monday. This comes after the company reported delivery results for Q2 2023. While the Wall Street consensus was 446,000 vehicles, Tesla delivered 466,140. At $264+, the stock has already doubled this year. In addition, their value has already exceeded the price targets set by analysts.
Delivering 466,140 vehicles in 2Q, Tesla increased the number by 10% compared to the last quarter. This is also 83% more than in the same period last year. It is noteworthy that the difference between the number of cars produced and delivered has decreased compared to the last quarter. While in Q1 the difference was 17,933 units, in Q2 the difference was 13,560.
Of the 466,140 delivered vehicles, 446,915 were Model 3/Y and 19,225 were Model S/X. Tesla set its previous record in Q1 2023 with 422,875 vehicles delivered.
Tesla was able to achieve high levels of deliveries due to a number of factors. First of all, the company skillfully prioritized and formed the right policy at a time when the market was suffering from macroeconomic factors. Thanks to high margins, Tesla was able to carry out several rounds of price cuts. This, in turn, ensured a high demand for its cars.
Tesla reported the production of 479,700 electric vehicles in Q2 2023, which is also a new production record. This underscores that Tesla's production capacity expansion is proceeding at a steady pace, ensuring its continued growth. Of the 479,700 cars produced, 460,211 were Model 3/Y and 19,489 were Model S/X.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.