Tesla has reported a decrease in car deliveries for the second consecutive quarter compared to a year ago, according to data released by the electric car giant on Tuesday.
However, vehicle production and deliveries slightly exceeded market expectations, leading to a daily surge in the company’s stock.
In the second quarter, Tesla delivered a total of 443,956 vehicles, slightly above the estimated 439,302.
This is a decrease from the 466,140 vehicles sold in the same period last year.
The company stated, “In the second quarter, we produced approximately 411,000 vehicles and delivered about 444,000 vehicles,” marking a 14% and 4.76% decrease respectively from the second quarter of 2023.
More than 90% of the sales in the last quarter, totaling 422,405 models, came from just two models, the Model Y and Model 3.
While Tesla has not disclosed the exact number of Cybertrucks sold, recent recalls suggest around 11,000 deliveries so far.
The Cybertruck, Tesla’s latest model, has been dubbed a “disaster” by the company’s CEO, Elon Musk.
Tesla shares surged by 8.81% on Tuesday, reaching nearly $230.
This increase helped the stock recover from its lowest point between January 2023 and April 2024.
Despite this rally, Tesla is still down by 2.13% since the beginning of 2024.
Following the delivery report, Elon Musk highlighted challenges in the electric vehicle market, mentioning that legacy competitors are scaling back their investments.
However, Tesla faces significantly more competition than in previous years, with American and European brands ramping up their electric and hybrid vehicle offerings.
The most pressing issue for Tesla lies in China, where government-subsidized startups are flooding the market.
Both the US and the EU have imposed hefty tariffs on Chinese electric vehicles to prevent an influx of low-cost cars into their markets.
Without compelling new models, Tesla is rapidly losing market share to other electric car manufacturers.
Elon Musk is set to unveil Tesla’s future plans on August 8th, focusing heavily on AI, robotics, and the introduction of a new robotaxi model.
While the robotaxi market remains niche, with startups operating in select US cities, Tesla’s pivot towards this sector signals a strategic shift in the company’s direction.
The transition towards robotaxis raises questions about the future of Tesla’s core electric vehicle business.
As Elon Musk prepares to navigate these challenges, the automotive industry eagerly anticipates Tesla’s next moves.
[Source: Money.it]
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