Tesla beats expectations with second quarter production and deliveries

Tesla beat expectations in the second quarter of 2023, announcing Sunday it produced nearly 480,000 vehicles and delivered over 466,000.

Tesla beats expectations with second quarter production and deliveries

New York CNN

Tesla exceeded expectations in the second half of 2023. The company announced Sunday that it had produced and delivered nearly 486,000 vehicles.

Model 3 sedans and Model Y SUVs accounted for the majority of deliveries and production, with 460 211 units produced and 446 915 delivered. Model X, Model S and Model Y were produced in greater quantities by the electric car manufacturer.

Dan Ives of Wedbush Securities said that it was a "trophy quarter" for the company. He added, 'Tesla Bears', or pessimistic Tesla Investors, would be sent into 'hibernation' mode.

Ives stated that Wall Street predicted approximately 447,000 deliveries.

Tesla reduced prices in April for the fifth consecutive time since January. The price cuts ranged between 2% to nearly 6%, as the US is expected to limit the EV tax credit.

Ives stated that the price reductions were a clever poker move by Tesla, and they paid major dividends on the market, particularly for the China Market.

These figures represent a dramatic increase from the same time last year. Tesla produced and delivered 258,580 vehicles in the second quarter of 2022.

Tesla delivered 423,000 vehicles in the first quarter 2023.

Reuters reported that Tesla set a goal of 1.8 millions deliveries for this year.