The company Tuesday said it delivered about 444,000 vehicles to customers in the second quarter, down about 5 percent year-over-year but a 15 percent increase from the first quarter — and more than forecast by Wall Street analysts, who generally expected less than 440,000. Tesla shares rallied more than 10 percent on the news.
Tuesday’s sales numbers mark a “comeback performance” from Tesla after a disastrous first quarter, Wedbush Securities analyst Dan Ives said.There was a consensus view that Tesla would miss Wall Street analysts’ estimates, Ives added, making the second-quarter sales “surprising to even the most bullish investors.” Company observers had been weighing the effects of high interest rates and weaker consumer sentiment about electric vehicles.Tesla has been facing a softening electric-vehicle market.
In April, the company said it delivered 387,000 vehicles, down more than 20 percent from the previous quarter and an 8.5 percent drop year-over-year. That same month, Tesla reported a 9 percent decline in annual revenue for the first quarter.Automakers competing with Tesla in the EV market saw stronger quarterly sales results.
General Motors on Tuesday said it sold 696,000 vehicles during the quarter, a year-over-year increase of 0.6 percent and the company’s best quarterly sales result in more than three years. GM’s EV deliveries rose 40 percent from a year earlier. EV and hybrid sales also fueled success for Toyota. The company sold more than 247,000 electrified vehicles in the second quarter, representing 40 percent of the period’s total deliveries and a 63 percent year-over-year increase. Across all vehicle types, Toyota reported 622,000 sold in the quarter, a 9 percent annual increase.
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