Giant cowboy boots are displayed outside the Tesla Giga Texas manufacturing facility during the “Cyber Rodeo” grand opening ceremony on April 7, 2022 in Austin, Texas.
Susan Cordero | AFP | Getty Images
Tesla just posted Vehicle production and delivery figures for the second quarter of 2022. Here are the key figures:
- Total Q2 2022 deliveries: 254,695
- Total production Q2 2022: 258.580
The delivery numbers, the closest rough estimate of sales reported by Tesla, fell close to analyst expectations.
According to the consensus compiled by the Street Account owned by FactSet, analysts had expected 256,520 vehicles to be delivered for the quarter, which was marked by Covid restrictions, supply chain shortcomings and shortages of semiconductor chips and other parts.
Last year, Tesla delivered 201,250 vehicles in the second quarter, the first time it delivered more than 200,000 units in a three-month period. In the first quarter of 2022, Tesla delivered it 310,048 vehicles.
Today’s delivery numbers represented 26.5% year-over-year sales growth, down 17.9% sequentially from the previous quarter for Elon Musk’s electric vehicle project.
The company has a soft guidance of about 50% of average annual growth, over the long term, depending on manufacturing capacity and other factors.
“We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries,” the company said at the Tesla Shareholders Group in the first quarter.
In China this quarter, Tesla was forced to close or only allow partial operations at its Shanghai factory for weeks due to public health orders related to the virus. (FactSet notes that some analysts’ predictions were left out of the StreetAccount consensus if they didn’t take into account the Shanghai plant shutdown.)
Other supply chain issues, exacerbated by Russia’s brutal invasion of Ukraine, also weighed on Tesla and the broader auto maker during the quarter.
Separately, Tesla is struggling with rising construction costs and the start of production at new plants in Austin, Texas and near Berlin as well as its plants in Fremont, California and Shanghai. CEO Elon Musk has publicly lamented that new plants cost Tesla billions, but it has not yet been able to manufacture enough vehicles and batteries to justify their costs.
As startups and legacy automakers introduce more new electric vehicles, Tesla’s share of the global and domestic electric vehicle market is expected to decline but remain large.