Tesla (TSLA) released its second quarter production and delivery numbers on Sunday, easily beating expectations as the effects of the electric-vehicle maker’s price cuts, combined with federal EV tax credits, are boosting sales.
For the quarter, Tesla reported global production of 479,700 units with deliveries of 466,140. The delivery figure easily topped Wall Street consensus estimates of 448,599 units, as well as the prior quarter’s total of 422,875. Both production and delivery totals for the second quarter were all-time records for Tesla.
Analysts and investors focus more on delivery totals because they most closely track sales totals, which Tesla does not release. Breaking down delivery totals, Tesla delivered 446,915 Model 3 and Model Ys and 19,225 higher-priced Model S and Model X vehicles. The company also said 5% of its sales were subject to lease accounting.
Tesla’s second quarter delivery beat indicates the company’s price cuts are continuing to boost sales both in the US and abroad, though questions remain as to how deep a cut profits will take. Tesla also got another boost from the federal government in Q2 as well, as all trims of the Model 3 sedan qualified for the full $7,500 federal tax credit.
Separately, Wall Street analysts in the past two weeks have been downgrading Tesla shares after a massive run-up in the stock following big gains in the tech sector. Many analysts attributed the run-up to the big gains made by AI-related stocks, with analysts cautioning Tesla wasn’t the big AI-play many investors seemed to believe. Analysts like Mark Delaney at Goldman and Adam Jonas at Morgan Stanley see the stock as fairly valued at the moment.
Finally, Tesla announced it would be releasing second quarter earnings results after the bell on July 19th.
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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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