TECH - Tesla And BYD Join The Good EV News Wave | Benzinga
On Tuesday, Tesla Inc (NASDAQ: TSLA) disclosed its second-quarter EV production and delivery figures and it topped Wall Street estimates with both as its deliveries fell less than expected. Still, the second quarter marked the first time the all-electric king posted two straight quarters of declines. These figures are the closest approximation of Tesla’s sales figures which the EV pioneer does not disclose.
Also on July 2nd, BYD posted its second quarter EV sales with which it closed the gap with Tesla after returning the world’s number one EV vendor title in the first quarter when its sales fell even more than Tesla's. BYD maintained steady growth in EV sales and set a new sales record for plug-in EVs in June.
Tesla managed to beat estimates with price cuts and incentives.
During the quarter ended on June 30th, Tesla made 410,831 of its EVs that include Model Y crossover utility vehicles, Model 3 sedans and the new Cybertruck pickups, Model X SUV and flagship Model S sedan, while delivering 443,956 EVs, surpassing FactSet StreetAccount’s consensus estimate of 439,000. However, deliveries did contract by 4.8% YoY but also grew from the first quarter by ...