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Tesla Inc. delivered a record number of vehicles in the second quarter, beating market estimates after the electric-car maker increased discounts and incentives, the company reported Sunday. The news sent the stock up more than 6% in premarket trade Monday.
The Elon Musk-led electric vehicle manufacturer delivered 466,140 vehicles in the three months ended June 30 and produced 479,700 vehicles. The second quarter of 2023 marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries.
Analysts on average had expected Tesla to deliver 445,000 cars, according to analysts polled by Refinitiv. Tesla delivered 254,695 vehicles in the year-ago quarter.
“This was a massive delivery beat and will send the Tesla bears back into hibernation mode,” Wedbush analyst Dan Ives tweeted Sunday. “This was a trophy case quarter for Musk & Co.”
Deliveries are a carefully watched number by Tesla shareholders and are the closest approximation of sales disclosed by the company.
Tesla said total production rose 85.5% to nearly 480,000 vehicles in the three months ended June 30, from a year earlier.
The company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.
Tesla increased discounts for vehicles to a $1,600-to-$7,500 range and made all of its Model 3s eligible for full federal credits of $7,500 starting in June in the U.S.
Earlier this year, Tesla cut prices globally by as much as 20% after missing Wall Street delivery estimates for 2022.
Tesla is expected to achieve record sales yet again in China, its second-largest market after North America, despite competition from market leader BYD.
The company said it will post financial results for the second quarter after the market close on Wednesday, July 19.
Earlier this year, Ford Motor
F,
and General Motors
GM,
as well as fast-charging equipment makers, agreed to adopt Tesla’s North American Charging Standard (NACS).
Tesla
TSLA,
shares closed at $261.77 on Friday ahead of the second-quarter deliveries report, and are up more than 112% year to date.
