Editor’s Note: This article has been updated to correct the number of Other Models delivered.
Electric vehicle maker Tesla, Inc. (NASDAQ:TSLA) reported Tuesday ahead of the market open second-quarter deliveries that came in ahead of the consensus estimate. The stock is reacting to the report with a move to the upside.
Breaking Down Numbers: Texas-based Tesla reported second-quarter deliveries that declined from a year ago, although improving from the first quarter. Here’s how the numbers compare to the consensus and prior periods:
Q2’24 Consensus* Company-compiled Consensus Y-o-Y Change Q-o-Q Change Deliveries 443,956 439,300 437,800 -4.76% +14.77% Production 410,831 N/A N/A -14.36% -5.20%
Analysts and forecasters revised their estimates in recent weeks, given the ongoing slowdown in the EV market. Tesla forecaster Troy Teslike issued a final delivery and production forecast of 423,000 and 416,823 units, respectively. Wedbush analyst Daniel Ives predicted a likely in-line number, pinning his hopes on a mini end-of-the-quarter rebound in China, one of Tesla’s key markets.
China ...