Tesla Vehicle Deliveries Down as COVID Hurts Production

Electric carmaker Tesla saw global vehicle deliveries in April-June fall 18 percent from the first quarter of the year as COVID-related factory closures in Shanghai impacted production.

The company said Saturday it delivered more than 254,000 vehicles in the second quarter, down from a year earlier previous period‘s 310,000 vehicles, but a year-on-year increase of 26 percent from the 201,250 vehicles delivered in the second quarter from 2021.

Last week, an analyst from Wedbush Securities said in a note to investors that Tesla production in China in April and May was an “absolute disaster” due to shutdowns. But on Saturday, Tesla suggested it had recovered.

“In the second quarter, we produced over 258,000 vehicles and delivered over 254,000 vehicles, despite ongoing supply chain challenges and plant closures beyond our control,” the company said in a press release. “June 2022 was the highest vehicle production month in Tesla history.”

When breaking down the total number of deliveries, Tesla usually divides the four vehicles it currently sells into two groups. The company said its Model 3 and Model Y, its lower-priced offerings, combined accounted for 238,533 deliveries in the second quarter. The Model S and Model X accounted for 16,162.

In terms of production numbers (excluding deliveries), Tesla says it has produced a total of 258,580 vehicles, with the Model 3 and Y accounting for 242,169 of them and the Model S and X for 16,411.

Tesla is expected to release its second-quarter financial results on Wednesday, July 20.

Tesla Vehicle Deliveries Down as COVID Hurts Production Source link Tesla Vehicle Deliveries Down as COVID Hurts Production

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