Tesla (TSLA) Q2 vehicle deliveries and production numbers

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Tesla (TSLA) Q2 vehicle deliveries and production numbers

Tesla shares jumped 10% on Tuesday after the company

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second-quarter vehicle production and deliveries numbers that beat analyst expectations.

Here are the key numbers:

Total deliveries Q2 2024: 443,956 vehicles

Total production Q2 2024: 410,831 vehicles

Analysts expected Tesla deliveries to hit 439,000 in the three months ending June 30, according to a consensus of estimates compiled by FactSet StreetAccount. The total number of deliveries in the second quarter fell 4.8% from 466,140 a year earlier but rose 14.8% from the first quarter.

The stock closed Tuesday at $231.26, and is down about 7% in 2024.

Deliveries are the closest approximation of sales disclosed by the electric vehicle maker. Tesla groups deliveries into two categories — Model 3 and Model Y vehicles, and all other vehicles — but doesn’t report numbers for individual models or specific regions.

Tesla’s current lineup includes its popular Model Y crossover utility vehicles, Model 3 sedans and the new Cybertruck pickups, as well as the Model X SUV and flagship Model S sedan.

In April, Tesla reported a drop of 8.5% in first-quarter deliveries to 386,810, the first annual decline since 2020. Weeks later the company reported a 13% decline in year-over-year revenue for the quarter, “primarily due to lower average selling price.”

Sluggish sales were in part the result of temporary factory shutdowns initiated in response to an alleged arson ******* at Tesla’s factory in Germany, as well as shipping delays following Red Sea conflicts, Tesla said.

New Tesla vehicles are seen in front of the Tilburg Factory & Delivery Center in Tilburg.

Sebastian Gollnow | Picture Alliance | Getty Images

But the sales drop also correlated with Tesla’s aging lineup of vehicles, increased competition from other EV makers especially in China, and brand erosion that 

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 attributed partly to CEO Elon Musk’s “antics” and “political rants.”

Tesla has offered a range of discounts and other incentives this year to try to spur sales.

In China, Tesla is currently offering a

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as an incentive to get customers to buy a Model 3 or Model Y by July 31. According to its 2023 annual

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, Tesla generated about $21.75 billion of its overall revenue from China, representing 22.5% of total sales.

Colin Langan, an analyst at Wells Fargo, issued a report on Monday, saying the firm sees “declining delivery growth driven by lower demand & diminished return on price cuts.” He recommends selling Tesla shares.

Wells Fargo expects automotive ****** margins at Tesla, not including environmental credits, to fall given the “likelihood of more price cuts & lower volumes” as the year continues.

Investor focus will now shift to Tesla’s second-quarter earnings report later this month and a separate marketing event planned for August when the company intends to reveal its design for a dedicated robotaxi or “CyberCab.”

—CNBC’s Jordan Novet contributed to this report.

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