Tesla tops Q2 EV delivery expectations, stock rises

Shares of Tesla (TSLA) are rising in extended-hours trading as the company announced figures of 410,831 vehicles produced and 443,956 vehicles delivered during its second quarter, slightly beating analysts' expectations.

Brad Smith and Madison Mills break down the data and the EV headwinds Tesla continues to face in China.

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This post was written by Melanie Riehl

Video transcript

Tesla's second quarter delivery numbers are out right now, as we've been tracking shares of TSL a pre market, the numbers just dropping here at the beginning of the 9 a.m. hour, and we're taking a look at the overall production coming in at 410,831 vehicles.

The deliveries during the quarter came in at 443,956 vehicles.

Of course, this skews heavily towards the three and the Y interesting within this report here from Tesla is the company typically breaks out the Model three and Y differing from the S and the X.

It now seems that they're compounding as well, or combining the SX and cyber truck, perhaps within the other models.

Delivery line here, where that ultimately accounted for about 24,255 vehicles produced.

So unclear what the breakout is for the SCX and then the cyber truck.

But, of course, it still is largely a company that is really hinging on that continued production and delivery of the mass market Model three and the SUV Y. Yeah, that's exactly right, Brad, just to kind of look at what we're seeing in the stock here.

It's up over 4% erasing some of the lows from earlier in the pre market here and erasing that decline off of these numbers coming in slightly better than anticipated.

Again.

The delivery coming in at 443 956.

The estimate was 4 39 302.

So just a bit of a beat there when it comes to those delivering numbers.

We also, as you mentioned Brad, just to reiterate Model three wide deliveries coming in at 4 22 405 versus the estimate of 412,288 so that model three wide delivery was also a beat.

Now they produced about 411,000 vehicles and delivered about 444,000.

So again seen a little bit be kind of across the board when it comes to the Tesla deliveries here.

And that is what we are seeing in terms of the market reaction in the stock price.

And this is interesting, given what we've seen in terms of competition from the likes of a BYD here that it had a significant showing when it comes to China sales.

That led to some questions that we were having earlier today about how these delivery numbers could be impacted by the competition in China.

But it looks like Tesla was able to be that estimated delivery number overall number.

However, taking a look at some of the ti uh, Tesla China deliveries that came in down your year 24.2% 71,000 vehicles were accounted for in China here.

And this is, according to the China Passenger Car Association, uh, known in your hood as the C PC a uh, and they ultimately reported that in the first half of the year, Tesla China sold 426,623 vehicles.

That's down 10.47%.

And so, ultimately, the delivery down 24% the sales down about 10% 10.5% in that region.

But it comes back to that competition that you were mentioning, Matty, where you've got BYD where we also had some of the figures that came out yesterday from Lee Auto from neo.

And so all of these things considered, it's gonna be a tough road ahead for all of these manufacturers to make sure that they have the not only best vehicle vehicle in the market, but also how it's a different playing ground where some of the nationally grown companies have also received certain subsidies for customers to be able to tap to once they're ready to make those purchases.

Yeah, Brad, and it's a great point because we're entering a season of a lot of catalysts for Tesla in particular, you've got your earnings coming up.

Tuesday, July 23rd.

So a lot of notes saying that the next couple of weeks the next month in particular, is going to be a big one when it comes to the Tesla story.