Tesla has reported second-quarter deliveries of 201,250 vehicles, narrowly beating Wall St. consensus of 200,900. Although Model S and Model X production lines were only operational for the last two weeks of the quarter, Tesla delivered 9% more vehicles quarter-over-quarter and 122% more year-over-year. This is a new quarterly delivery record for Tesla.
The Q2 deliveries included 199,3560 Model 3/Y's and 1,890 Model S/X's.
Tesla also produced 206,421 vehicles during the second quarter, a 14% increase quarter-over quarter and a 151% increase year-over year. Production for Model 3/Y in Q2 totaled 204,421 and production for Model S/X totaled 2,340.
Tesla Delivery Analysis: Here (analysis begins at 32:40 timestamp)
Tesla Daily's Take
Despite "navigating through global supply chain and logistics challenges", Tesla was able to narrowly exceed Wall St. expectations and fall within ~1% of our forecasts for both total deliveries and production.
Tesla produced and delivered slightly fewer Model 3/Y's than we expected, but Model S/X coming in ahead of our expectations offset to some extent. We had forecast deliveries of 202,824 vehicles, 0.8% above actuals. Similarly, our production expectation of 208,824 was 1.2% above actual.
During the second quarter, Tesla produced ~5,200 more vehicles than it delivered compared to our expectations of 6,000 vehicles. The inventory build is not surprising given multi-year low inventories to begin the quarter. In our view, Tesla still appears to be heavily supply-constrained.
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Disclosure: Rob Maurer and Brennan Ertl are long TSLA stock and derivatives.