Tesla's second-quarter deliveries surged, driving the stock price up and leading the electric vehicle sector into a frenzy
Tesla delivered more than market expectations in the second quarter, delivering a total of 443,956 vehicles, a 4.7% decrease from the same period last year. The stock price soared, leading the electric vehicle sector into a frenzy. This performance marks Tesla's first time exceeding expectations in the past four quarters, with the largest margin since 2021. Prior to Tesla's delivery data announcement, the stock price experienced a decline, causing market concerns. Data from the China Passenger Car Association shows that Tesla's wholesale sales in China also decreased by 2.2%. Analysts' expectations for Tesla's delivery data have been fluctuating. Tesla is about to hold a highly anticipated autonomous driving taxi launch event
According to the Zhitong Finance and Economics APP, Tesla (TSLA.US) delivered a report on second-quarter deliveries that exceeded market expectations, delivering a total of 443,956 vehicles. This number is higher than the analysts' general forecast of 436,000 vehicles. Data from FactSet shows that this is the first time in the past four quarters that Tesla has exceeded expectations, and the magnitude of the outperformance is also the largest since the fourth quarter of 2021.
Tesla stated that it delivered 443,956 vehicles in the second quarter, a 4.7% decrease from the same period last year, but 1.8% higher than FactSet's estimated 436,000 vehicles. During this production cycle, Tesla manufactured 410,831 vehicles, with the company noting that 2% of the total deliveries were affected by operating lease accounting. The second-quarter deliveries include 422,405 Model 3 and Model Y vehicles, while the delivery volume of other models is 21,551 vehicles.
Prior to Tesla's announcement of delivery data, its stock price experienced a decline, with market concerns about its delivery performance falling short of expectations. Subsequently, negative sentiment intensified as data from the China Passenger Car Association showed that wholesale sales of Tesla Model 3 and Model Y in June dropped to 71,007 vehicles, a 2.2% decrease from May. This led analysts to continue to expect fluctuations in Tesla's upcoming delivery data.
Barclays Bank had previously lowered its delivery forecast to 415,000 vehicles, indicating an 11% decrease compared to the same period last year. Royal Bank of Canada Capital Markets also revised its expectations down to 410,000 vehicles, while a few months ago the bank's forecast was 533,000 vehicles. Meanwhile, UBS maintained its expectation of 420,000 vehicles. For comparison, Tesla delivered 386,810 vehicles in the first quarter, while the delivery volume in the same period last year was 466,140 vehicles. Tesla's highest single-quarter delivery record in history was in the fourth quarter of 2023, when it delivered 484,507 vehicles.
Ahead of Tesla's highly anticipated autonomous driving taxi launch event on August 8, the industry leader in electric vehicles will release its second-quarter financial report on July 23. The market will pay particular attention to its automotive gross margin performance. It is worth noting that Tesla's recent performance record shows that it has missed expectations in quarterly reports more times than it has exceeded them. In the past four quarters, in the week following the announcement of three quarterly reports, Tesla's stock price experienced declines.
Nevertheless, Tesla's stock price surged 7.07% in early trading on Tuesday, benefiting from the positive impact of the upcoming Robotaxi event. The electric vehicle manufacturer's stock price has risen by over 20% in the past six weeks.
At the same time, competitors such as Lucid Group (LCID.US) rose by 3% in early trading, while Rivian Automotive (RIVN.US) saw a 4% increase in its stock price, indicating an overall optimistic attitude towards electric vehicle manufacturers in the market