Tesla (TSLA) announced the company’s Q2 2024 vehicle production and delivery numbers yesterday.
The interesting news is — the automaker made a comeback by delivering significantly more cars compared to the previous quarter. This also means that Tesla cleared a large backlog of extra cars it produced in Q1 2024 that weren’t delivered.
Tesla produced 410,831 cars in Q2 2024 and delivered 443,956. Tesla’s vehicle deliveries grew by about 15% QoQ compared to the previous quarter (386,810 delivered in Q1).
Tesla has made an unexpected return from a downward trend observed in the last quarter. However, there was an overall downward trend in the automotive and especially in the electric vehicle market globally. Tesla (TSLA) still did better than BYD in the first quarter of this year.
AUSTIN, Texas, July 2, 2024 – In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles. We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet.
Tesla (TSLA) wrote in the Q2 2024 press release on its investor releations website.
| Production | Deliveries | |
|---|---|---|
| Model 3/Y | 386,576 | 422,405 |
| Other Models | 24,255 | 21,551 |
| Total | 410,831 | 443,956 |
Overall, Tesla delivered 57,146 more vehicles in Q2 compared to Q1 of 2024. This is an increase of around 15%. For critics and analysts of the company, it’s a surprising jump from the slump Tesla went through last quarter.
However, compared to Q2 2023, Tesla deliveries have dropped by about 5%. Considering the overall industry trends and stiffer-than-ever competition in China, this is not a big drop. Tesla might just be able to recover from the downturn in the next two quarters. The main contributing factors would be the improved focus of Elon Musk on Tesla after winning the shareholder vote for his 2018 Pay Package and the ramp-up of Cybertruck and Tesla Semi production.
Tesla does not separately report Cybertruck production and delivery numbers. However, we can see an increase in deliveries of the “Other Models” in the table above. Since Model S and Model X demand almost stays the same, the additional 4-5 thousand deliveries can be attributed to the Cybertruck (speculated).
Tesla also announced the schedule of the release of Q2 2024 financial results and the respective earnings call. Tesla’s Q2 2024 Quarterly Earnings Call and its live webcast of the Q & A session will be broadcast on X (Twitter) on Tuesday 23rd July 2024 at 4:30 p.m. Central Time / 5:30 p.m. Eastern Time.
Tesla will post its financial results for the second quarter of 2024 after market close on Tuesday, July 23, 2024. At that time, Tesla will issue a brief advisory containing a link to the Q2 2024 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question-and-answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
What: Date of Tesla Q2 2024 Financial Results and Q&A Webcast
When: Tuesday, July 23, 2024
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q2 2024 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company’s website.
For additional information, please visit https://ir.tesla.com.
Tesla (TSLA) stock price gained more than 10% on the positive news of vehicle deliveries yesterday. Tesla’s share price closed at $209.93 on Monday 1st July which jumped to a $231.26 close yesterday.
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