In the second quarter of 2024, Tesla produced approximately 411,000 vehicles and delivered around 444,000 vehicles, surpassing analyst expectations.
Analysts had predicted Tesla would deliver 439,000 vehicles in the three months ending June 30, according to estimates compiled by FactSet StreetAccount.
The total number of deliveries in the second quarter represents a 4.8% decrease from the 466,140 vehicles delivered in the same period last year but marks a 14.8% increase from the first quarter of 2024. Tesla also achieved a significant milestone by deploying 9.4 GWh of energy storage products, the highest quarterly deployment in the company’s history.
Tesla produced 386,576 units of the Model 3 and Model Y, with deliveries totaling 422,405 units, 2% of which were subject to operating lease accounting. Production of other models reached 24,255 units, while deliveries of these models amounted to 21,551 units, with 1% subject to operating lease accounting.
Tesla strong 2Q deliveries of 444k nicely ahead of whisper numbers of 420k and Street 438k. In a nutshell, the worst is in the rear view mirror as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day Aug 8🐂🔥🍿
— Dan Ives (@DivesTech) July 2, 2024
Overall, Tesla produced 410,831 vehicles and delivered 443,956 vehicles in the second quarter, with 2% of all deliveries subject to operating lease accounting.
Following the report, Tesla’s stock has surged in morning trading, currently up 9.3 at $229.42 per share. In the past month, shares of Tesla are up 27.15%. Tesla’s market cap now sits at $731 billion and is less than $100 billion from joining the top 10 largest stocks in the world again.
Tesla so far has delivered over 6 million electric vehicles. For Q2, Tesla also delivered more EVs than China’s BYD, become the global leader again (Eli Lilly is at $795 billion).
Tesla will release its financial results for the second quarter of 2024 after market close on Tuesday, July 23, 2024. The company will issue a brief advisory with a link to the Q2 2024 update, which will be available on Tesla’s Investor Relations website. Tesla management will host a live question and answer webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the company’s financial and business results and outlook.
