Tesla Inc achieved a remarkable milestone in the second quarter by delivering a record number of vehicles, surpassing market expectations. The electric carmaker, led by Elon Musk, handed over a total of 466,000 vehicles between April and June.
Analysts had predicted Tesla to deliver around 445,000 cars, according to a Refinitiv poll of nine analysts. The estimates ranged from a low of 439,875 to a high of 450,000. In comparison, Tesla had delivered 254,695 vehicles during the same period the previous year.
Despite facing competition from market leader BYD, Tesla is anticipated to continue its success in China, its second-largest market after North America. Additionally, the company has achieved significant victories in the fast-charging sector, with major automakers like Ford Motor and General Motors, as well as fast-charging equipment manufacturers, adopting Tesla’s North American Charging Standard (NACS).
To boost sales, Tesla increased discounts and incentives for vehicles in its inventory, offering discounts ranging from $1,600 to $7,500. Furthermore, in the United States, all Model 3s became eligible for full federal credits of $7,500 starting in June.
Earlier this year, Tesla reduced prices globally by up to 20% following lower-than-expected delivery figures for 2022, as reported by Wall Street.
Total production also experienced a substantial increase, rising by 85.5% to nearly 480,000 vehicles in the second quarter compared to the same period the previous year. The breakdown of deliveries includes 446,915 Model 3 compact cars and Model Y sport-utility vehicles, as well as 19,225 Model S and Model X premium vehicles.