Tesla Sets Quarterly Delivery Record, Aided By Price Cuts

Tesla Sets Quarterly Delivery Record, Aided By Price Cuts by alanohnsman

it delivered a record 466,140 sedans and crossovers in the second quarter aided by steep price cuts. The results topped analysts’ expectations.

Led by deliveries of new battery-powered Model Ys and 3s, totaling 446,915 units, the overall sales figure was lifted by 83% from a year ago and 10% from 2023’s first quarter, Tesla’s previous high. Production at the Austin, Texas-based company's four auto-assembly plants rose 86% from a year ago to 479,700 vehicles.

Analysts that cover Tesla expected deliveries of about 448,000 units. Led by billionaire CEO Elon Musk, the company doesn’t provide delivery or production details by global region, making it difficult to tell where demand for its vehicles is highest. North America likely accounted for the biggest share of deliveries during the quarter, followed by China, Europe and the rest of the world, Deutsche Bank equity analyst Emmanual Rossner wrote in a research note last month.

“Price cuts implemented early in 2023 have paid major dividends for Musk & Co. as demand appears to remain very strong and production efficiencies have allowed for the massive deliveries beat this quarter,” Wedbush analyst Dan Ives said in a research note on Sunday. “Overall, we believe Tesla is still on track to hit its 1.8-million-unit delivery bogey for the year with this performance.”

Sales have grown steadily over the past year owing to the ramping up of new plants in Berlin and Austin that opened in early 2022. Tesla is also preparing to

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