Tesla Q2 deliveries meet analysts’ estimates despite chip shortage, shares gain
Published On :
(Reuters) -Tesla Inc on Friday posted record vehicle deliveries for the second quarter that were in line with Wall Street estimates as the electric-car maker coped with a shortage of chips and raw materials.
Tesla delivered 201,250 vehicles in total during the second quarter. Analysts had expected Tesla to deliver 200,258 vehicles, according to Refinitiv data.
Congrats Tesla Team on over 200,000 car built & delivered in Q2, despite many challenges!!” Musk said in a tweet.
Shares of the company were up 3% in early trading on Friday.
The numbers showed that strong deliveries of its Model 3 sedans and Model Y crossovers, its two lower priced variants, offset a drop in deliveries of higher-end Model S and X variants.
Tesla has been raising prices for its vehicles in recent months, which its billionaire boss, Elon Musk, blamed in May on “major supply chain price pressure”, especially raw materials.
He also said in early June that “Our biggest challenge is supply chain, especially microcontroller chips. Never seen anything like it.”
Tesla sold 21,936 cars to Chinese customers in May, rebounding from a sales slump in April, but still well below March numbers.
MODEL S,X DELIVERIES FALL
Overall deliveries of its higher priced Model S and X cars fell to 1,890 during the April to June period, from a meager 2,020 the preceding quarter, Tesla said.
After delays, the company launched the Model S Plaid in June, a high-performance version of its Model S, starting at $129,990.
A Tesla Model S Plaid electric vehicle burst into flames on Tuesday while the owner was driving, just three days after the car was delivered. Tesla did not have an immediate comment when contacted by Reuters.
Total production in the second quarter rose about 14% to 206,421 vehicles from the first quarter.
(Reporting by Akanksha Rana in Bengaluru and Hyunjoo Jin in Berkeley, Calif, Additional reporting by Subrat Patnaik; Editing by Sriraj Kalluvila, Saumyadeb Chakrabarty and Philippa Fletcher)
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
-
-
TECHNOLOGY4 days ago
HSBC improves data access and operational efficiency with Starburst technology.
-
-
-
NEWS4 days ago
Russian Railways to cut spending by around 40% in 2025, says finance chief
-
-
-
TECHNOLOGY4 days ago
Italian startup iGenius and Nvidia to build major AI system
-
-
-
NEWS4 days ago
Macquarie-backed offshore wind developer Corio starts job cuts
-