Tesla Delivers a Blowout Quarter, Crushing Wall Street Estimates
Iran Tightens Grip on Strait of Hormuz Tanker Traffic UK government-backed ESG reporting platform… The leading economics blog online covering financial issues, geopolitics and trading.
Tesla crushed expectations with second-quarter deliveries of 480,126 vehicles, far exceeding Wall Street forecasts and signaling a strong rebound from a weak start to the year.
Tesla delivered a much stronger-than-expected second quarter, reporting 480,126 vehicle deliveries, well ahead of Wall Street forecasts of roughly 406,600.
The company also produced 451,758 vehicles during the period, signaling a meaningful improvement after a slow start to the year, according toCNBC.
Shares were volatile on the news and have settled near unchanged into the cash open… The delivery total marked a sharp increase from 358,023 vehicles in the first quarter and was also significantly higher than the roughly 384,000 deliveries Tesla recorded in the same quarter last year.
As has been the case in recent years, the vast majority of deliveries came from the Model 3 and Model Y, which accounted for 467,762 vehicles.
The results provide a boost for Tesla as it looks to regain momentum following consecutive annual declines in vehicle sales.
The company has faced growing pressure from intensifying EV competition, the loss of U.S.
federal EV tax incentives, and controversy surrounding CEO Elon Musk that has weighed on demand in some markets.
Beyond its automotive business, Tesla’s energy storage segment also posted a strong quarter, deploying 13.5 GWh of battery storage, ahead of analyst expectations of 13.3 GWh and well above the 9.6 GWh deployed in the year-ago period.
Days ago, wepointed out that the marketmay have been underestimating Tesla’s second-quarter delivery numbers after highlighting a research note from Deutsche Bank that called for a stronger-than-expected quarter.
At the time, the firm projected roughly 416,000 deliveries, above the company-compiled consensus and ahead of many estimates on Wall Street.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment