Tesla’s Production and Delivery Triumph
With everyone focused on the stirring brawl between CEO-billionaires Elon Musk and Mark Zuckerberg, new achievements have been made on the EV front that can hopefully add merit to Chief Twit’s resume. On Sunday, Tesla released their vehicle delivery and production reports for the second-quarter, beating analyst’s expectations once again. For the second quarter, Tesla reported total deliveries at 466,140 and total production at 479,700, marking the fifth period in a row where productions were higher than deliveries. Expectations for the quarter were slated at 448,000 and roughly 471,000 for deliveries and production, respectively. The total deliveries figure depicted 83% year-over-year growth, cited from improvements made in manufacturing capacities and its assembly plant in Texas.
With other EV manufacturers struggling throughout 2023, Tesla, as the major market leader, made some distinct changes to ensure their sales stayed consistent. Price cuts and discounts were offered for several of Tesla’s vehicle models, and newly placed tax incentives worth upwards of $7,500 certainly helped boost consumer demand. Going forward, Tesla plans to build a new production facility in Monterrey, Mexico, along with promises to roll out the long overdue pick-up model dubbed the “Cybertruck” in the next few months. As the year goes on, investors should maintain a close eye on the EV price war, as any further price cuts may have a drastic impact on Tesla’s margins.
Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.