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Tesla delivered a record number of vehicles in the second quarter, beating expectations and showing the value of the price cuts it took earlier this year.
The electric vehicle pioneer said it delivered 466,000 vehicles between April and June, up 10.4 percent from the previous quarter and 83.5 percent from a year earlier. Production was even higher, around 480,000.
The results exceed an already ambitious target of increasing volume by an average of 50 percent per year, helping to justify the stock’s 142 percent gain so far this year.
Tesla’s market cap as of Friday was $820 billion, well short of its all-time record above $1 trillion, but still several times that of any other carmaker.
The stock has soared over the past two months as General Motors, Ford, Volvo and Amazon-backed Rivian signed agreements to adopt a battery charging standard developed by Tesla, opening up a new line of revenue by selling access to the company’s massive network. Went. of chargers.
Tesla cut prices of its vehicles earlier this year to help boost demand, with Chief Executive Elon Musk saying affordability was the problem.
“There’s a huge number of people who want to buy a Tesla car but can’t afford it, and these price changes really do make a difference to the average consumer,” Musk said in January.
The Tesla Model 3 Saloon now starts at $32,740 after a $7,500 federal tax credit.
Nearly all vehicles shipped last quarter were mass-market Model 3 and Model Y SUVs. Fewer than 20,000 shipments were higher-margin Model S and Model X vehicles.
Deliveries of the Cybertruck, Tesla’s much-anticipated rival in pick-up trucks, are scheduled to begin this quarter.
Tesla said earlier this year that it aims to boost margins by increasing production, introducing lower-cost models and making its factories more efficient — steps “necessary” to ensure affordability so that it can make a “multi-million vehicle.” be a producer”.
Musk predicted in January that Tesla could deliver 2 million vehicles this year, up from 1.3 million in 2022.
Full results for the quarter are due on July 19.
