Tesla posted its second-quarter vehicle production and delivery report for 2023 on Sunday.
Here are the key numbers from the electric vehicle maker:
Total deliveries Q2 2023: 466,140
Total production Q2 2023: 479,700
The numbers beat analysts’ expectations and indicate that deliveries rose 83% year-over-year for Tesla after Elon Musk’s auto business added manufacturing capacity, and ramped up production at is vehicle assembly plant in Austin, Texas.
Tesla groups deliveries into two categories but does not report individual model or region-specific numbers.
The second quarter of 2023 marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries.
During the second quarter of last year, Tesla reported 254,695 deliveries, and in the first quarter of 2023, Tesla reported 422,875 deliveries. During the second quarter of 2022, Tesla produced 258,580 vehicles and last quarter it produced 440,808 vehicles.
Deliveries are a carefully watched number by Tesla shareholders and are the closest approximation of sales disclosed by the company. Tesla does not break out its deliveries by individual model or region.
Wall Street was expecting Tesla to report deliveries of 445,924 for the period ending June 30, 2023, according to analyst estimates compiled by FactSet-owned Street Account.
The independent researcher who publishes under the handle TroyTeslike was expecting deliveries of 448,000 and production of 471,355 vehicles.
CEO Elon Musk’s electric vehicle maker offered some discounts and other incentives to boost sales of its cars in the U.S. during the quarter, including on its Model 3 entry-level sedan, and more recently, its older Model X SUV and Model S flagship sedan, which represent a small percentage of overall sales for Tesla currently.
The Model 3 and Y are now eligible for a $7,500 tax credit in the U.S. under the Inflation Reduction Act.
About 96% of the deliveries Tesla reported in the second quarter of 2023 were of its Model…
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