Tesla shares soar after exceeding second-quarter deliveries

This article was originally published in English

Tesla shares jump 10% on Tuesday as vehicle deliveries improve what is expected in the second quarterdespite registering a second consecutive year-on-year decline. Although it weakening demand And Tough competition contributed to the sales slowdown, Tesla’s affordable vehicle production and energy storage segment could drive future growth.

Tesla’s Q2 EV deliveries fell less than expected

Tesla delivered 443,956 electric vehicles in the second quarter, beating the average Wall Street estimate of 439,302. However, that figure represented a 4.8% drop from the same quarter the previous year after year-on-year decline in the first quarter was 8.5%. A consistent decline in the mark longest losing streak in quarterly delivery figures since 2012.

In addition, the Austin-based electric vehicle maker said production of 410,831 vehicles in the second quarter, a 14% decline compared to the same period last year, after a 12.5% ​​annual decline in the first quarter. Tesla explained the slowdown plant closure in germany due to arson and shipping disruptions following unrest in the Red Sea in the first quarter. However, he did not elaborate on the slowdown in the second quarter.

However delivery indicatorswhich was better than expected, eased concerns that the world’s largest electric vehicle maker could lose its crown to its Chinese rival BYD, which on Monday announced a record number of vehicle deliveries. The Chinese manufacturer sold 426,000 units. pure electric vehiclesclosing the gap between the two manufacturers. BYD has overtaken Tesla in vehicle deliveries and become largest seller of electric vehicles in the last quarter of 2023.

The Challenges of Fierce Competition in China

China is Tesla’s second-largest market, accounting for more than 20% of its sales revenue. However, increased competition from competitors population centers and the economic slowdown in China have weighed on Tesla’s growth. Tesla’s deliveries from its Shanghai plant fell 24.2% year-on-year in June, according to the China Passenger Car Association (PCA), representing a fourth downgrade this yearMeanwhile, Chinese Government Subsidies are encouraging consumers to choose new energy vehicles (NEVs). PCA data shows that NEV sales will grow 28% year-on-year in June.

Despite Tesla’s price cuts from 2023, its market share in luxury cars has declined as consumers switch to more affordable EVs and electric cars. hybrid cars are produced by its competitors, particularly BYD. In addition, Tesla’s lack of variety has made it less competitive than its Chinese counterparts. BYD is constantly releasing new models that meet local household demand and updates its technologies for Cost reductionBYD’s net sales of electric vehicles rose 13% year-on-year in the second quarter. Other competitors such as Geely also saw sales rise 41% year-on-year in the first half of 2024.

Tesla remains the world’s most valuable electric car maker

Tesla remains the world’s largest electric car maker, with a market capitalization of $734.25 billion (€683.54 billion) at the close of trading on Tuesday. While Tesla shares have fallen 7.5% this year, they have since risen 65%. First quarter results report. investors are optimistic about Tesla’s potential to produce affordable electric cars, as stated by its CEO Elon Musk.lines to speed up production massively in the first half of 2025, not in the second half.

In April, Tesla announced plans to cut its global workforce by more than 10% amid slowing growth and intensifying price wars in the electric vehicle sector.

Tesla’s energy storage business growth accelerated, with revenue from the segment up 7% in the first quarter. reach a record number $1,640 million (€1,530 million), and energy displays increased to record number 4.1 GWh. Musk expects continued growth in this division.

Except learning potential Tesla’s AI has nearly doubled in succession, reaching an all-time high. At the annual shareholder meeting, Musk expressed confidence that the company’s Optimus humanoid robots will be able to increase Tesla’s market value up to $25 billion (€23.27 billion). He also predicted that weekly production of cyber trucks could reach 1,300 units.