Tesla reported another company record-setting quarter for deliveries with 466,140 vehicles delivered and 479,700 vehicles produced in Q2 2023. It had reported 254,695 vehicles delivered and 258,580 vehicles produced in the same quarter of 2022.
Deliveries often serve as a proxy for Tesla’s sales figures. Besides setting a new company record, Tesla beat analysts’ expectations of 445,924 vehicles delivered in Q2 2023.
Tesla has been working on improving its production capacity over the past couple of years, including finally getting Gigafactory Berlin open after ironing out issues with regulators and environmentalist groups. The latter especially seemed to have a bone to pick with Tesla’s Gigafactory Berlin, including filing challenges to local licensing and one suspected act of arson.
It also opened a Gigafactory in Austin, Texas, where it currently manufactures the Model Y and plans to manufacture the long-anticipated Cybertruck. It is also looking to build a factory in Mexico.
Elon Musk hinted at possible investment in India after meeting with the prime minister. He has occasionally hinted at frustration with India’s import taxes, which can drive up the price.
Deliveries (and sales) also got a likely boost from Tesla’s price cuts and tax breaks for buying electric vehicles. The Model 3 and Model Y are eligible for $7,500 in tax credits under the United States’ Inflation Reduction Act. They are also Tesla’s two least-expensive models and accounted for 96% of Tesla’s deliveries.
Tesla has been accused of starting a “price war” in the EV market by offering steep discounts in some markets in Q2 2023. Like any company led by Elon Musk, though, it may not see itself as responsible for protecting the feelings of competitors. It’s also facing rising competition in some markets like China.
Although the delivery numbers were better than expected, Elon Musk warned against trading on margin even if buying Tesla stock (NASDAQ:TSLA, for those curious).
Tesla was once in the S&P 500, but sometimes events beyond its control happen. It had to close Gigafactory Shanghai due to COVID-19 for a while. CEO Elon Musk also got into a fight with the State of California over its response to COVID-19, moving Tesla’s headquarters to Texas and selling his Californian homes. (Musk will bite back if a governor tries to drag him into a social issue he prefers not to comment on, though.)
Tesla says it will release Q2 2023 financial results after close of trading on Wednesday, July 19, 2023. It will also host a Q&A webcast.