BackTesla second quarter sales beat estimates; jump 83% from a year ago driven by tax credits, price cuts
Tesla's sales were better than Wall Street expectations as analysts polled by Refinitiv expected deliveries of 445,000 for the quarter.
PremiumTesla Inc., the billionaire Elon Musk-led electric vehicle (EV) maker, posted record sales in the April-June quarter with deliveries rising 83% from a year ago, beating analysts estimates.
The auto major’s vehicle sales rose 10% QoQ to 466,140 vehicles units in the April to June, while it was 83% higher from a year earlier, as price cuts and US federal credits helped make its electric vehicles more affordable, Reuters reported.
Tesla's sales were better than Wall Street expectations as analysts polled by Refinitiv expected deliveries of 445,000 for the quarter.
The company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.
The second-quarter sales bring Tesla to nearly 900,000 vehicles for the first half of this year. The company sold 422,875 vehicles from January through March.
Tesla, which is also the world's most valuable automaker, produced 13,560 more vehicles than it delivered in the second quarter, although the gap has narrowed from 17,933 the first quarter.
Also Read: US Treasury Secretary Janet Yellen to visit China this week. Agenda, mission, and other details here
Moreover, the company is also expected to hit record sales in China, its second-largest market after North America, despite stiff competition from market leader BYD.
Last year, Tesla began cutting prices of its vehicles starting in China that lead to an erosion in the company’s first-quarter margins. Moreover, in April, Tesla boss Elon Musk doubled down on the price war, saying the company would prioritize sales growth ahead of profit in a weak economy and rising competition.
It has since increased discounts across all of its line-ups, in a move seen to reduce inventory, while making all of its Model 3s eligible for full federal credits of $7,500 starting in June in the United States, Reuters reported.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
