Photo: Tesla
Tesla announced the second-quarter results, and the numbers fell short of analysts’ expectations. Tesla reported 254,695 global deliveries in the quarter, down from 310,048 in the preceding quarter. The leading cause for the decline is the Giga Shanghai shut down due to COVID restrictions.
Even with the reduced output, Tesla still managed to beat the Q2 2021 results, which sat at 201,250 worldwide deliveries. And yet, many analysts expected a figure closer to the 300,000 mark this year. Some later revised their estimates to about 250,000 due to China’s prolonged lockdown in the quarter. This doesn’t change the fact that Tesla broke its two-year streak of gains amid increased market difficulties and supply chain challenges.
Most of the cars delivered were Model 3/Model Y (238,533), the rest being Model S and Model X. Tesla builds all of them at its Fremont gigafactory, with Model 3 and Model Y also produced at Giga Shanghai in China. The company recently began delivering the first Model Y crossovers from Giga Berlin in Germany. At the same time, Giga Austin (Texas) also came online.
It is not clear how many cars were built in Berlin and Austin, as the two new gigafactories were recently described by Elon Musk as “money furnaces.” We do know that Giga Shanghai is Tesla’s main production hub at the moment. With the shutdown caused by the Covid lockdowns in April, Tesla recorded tens of thousands of units of lost production at Giga Shanghai, which affected the overall result.
“In aggregate, we believe the Shanghai shutdown accounted for about 90,000 units of lost production in the second quarter,” wrote analyst Dan Levy from Credit Suisse in a note to clients quoted by Automotive News.
Analysts are worried that recent price sikes could affect demand for electric vehicles. In its most recent price adjustment, Tesla boosted its sticker prices by as much as $6,000. Even so, the company has a thick backlog, and new orders take up to one year to fulfill. Once Giga Shanghai came back online, Tesla production saw a strong increase, with June marking a new monthly high for Tesla.
Most of the cars delivered were Model 3/Model Y (238,533), the rest being Model S and Model X. Tesla builds all of them at its Fremont gigafactory, with Model 3 and Model Y also produced at Giga Shanghai in China. The company recently began delivering the first Model Y crossovers from Giga Berlin in Germany. At the same time, Giga Austin (Texas) also came online.
It is not clear how many cars were built in Berlin and Austin, as the two new gigafactories were recently described by Elon Musk as “money furnaces.” We do know that Giga Shanghai is Tesla’s main production hub at the moment. With the shutdown caused by the Covid lockdowns in April, Tesla recorded tens of thousands of units of lost production at Giga Shanghai, which affected the overall result.
“In aggregate, we believe the Shanghai shutdown accounted for about 90,000 units of lost production in the second quarter,” wrote analyst Dan Levy from Credit Suisse in a note to clients quoted by Automotive News.
Analysts are worried that recent price sikes could affect demand for electric vehicles. In its most recent price adjustment, Tesla boosted its sticker prices by as much as $6,000. Even so, the company has a thick backlog, and new orders take up to one year to fulfill. Once Giga Shanghai came back online, Tesla production saw a strong increase, with June marking a new monthly high for Tesla.
Google News