Tesla (TSLA) Q2 car deliveries and manufacturing numbers

Tesla shares jumped 10% on Tuesday after the corporate posted second-quarter car manufacturing and deliveries numbers that beat analyst expectations.

Listed below are the important thing numbers:

Complete deliveries Q2 2024: 443,956 autos

Complete manufacturing Q2 2024: 410,831 autos

Analysts anticipated Tesla deliveries to hit 439,000 within the three months ending June 30, in keeping with a consensus of estimates compiled by FactSet StreetAccount. The whole variety of deliveries within the second quarter fell 4.8% from 466,140 a yr earlier however rose 14.8% from the primary quarter.

The inventory closed Tuesday at $231.26, and is down about 7% in 2024.

Deliveries are the closest approximation of gross sales disclosed by the electrical car maker. Tesla teams deliveries into two classes — Mannequin 3 and Mannequin Y autos, and all different autos — however does not report numbers for particular person fashions or particular areas.

Tesla’s present lineup consists of its well-liked Mannequin Y crossover utility autos, Mannequin 3 sedans and the brand new Cybertruck pickups, in addition to the Mannequin X SUV and flagship Mannequin S sedan.

In April, Tesla reported a drop of 8.5% in first-quarter deliveries to 386,810, the primary annual decline since 2020. Weeks later the corporate reported a 13% decline in year-over-year income for the quarter, “primarily as a result of decrease common promoting worth.”

Sluggish gross sales had been partly the results of short-term manufacturing facility shutdowns initiated in response to an alleged arson assault at Tesla’s manufacturing facility in Germany, in addition to delivery delays following Purple Sea conflicts, Tesla stated.

However the sales drop additionally correlated with Tesla’s ageing lineup of autos, elevated competitors from different EV makers particularly in China, and model erosion that one recent survey attributed partly to CEO Elon Musk’s “antics” and “political rants.”

Tesla has provided a variety of reductions and different incentives this yr to attempt to spur gross sales.

In China, Tesla is at the moment providing a zero-interest loan as an incentive to get prospects to purchase a Mannequin 3 or Mannequin Y by July 31. In line with its 2023 annual filing, Tesla generated about $21.75 billion of its total income from China, representing 22.5% of whole gross sales.

Colin Langan, an analyst at Wells Fargo, issued a report on Monday, saying the agency sees “declining supply progress pushed by decrease demand & diminished return on worth cuts.” He recommends promoting Tesla shares.

Wells Fargo expects automotive gross margins at Tesla, not together with environmental credit, to fall given the “chance of extra worth cuts & decrease volumes” because the yr continues.

Investor focus will now shift to Tesla’s second-quarter earnings report later this month and a separate advertising occasion deliberate for August when the corporate intends to disclose its design for a devoted robotaxi or “CyberCab.”

—CNBC’s Jordan Novet contributed to this report.