EV maker Tesla’s second-quarter vehicle delivery numbers beat expectations but fell short of sales from the same period last year.
Tesla delivered 422,405 Model 3 and Y vehicles and 21,551 other vehicles in the second quarter, a 4.8% decline from a year ago but a 14.8% improvement from the previous quarter.
Analysts predicted Tesla would continue its decline in deliveries in the second quarter after reporting its first drop in sales in the first quarter. Tuesday’s announcement marked the first time Tesla has reported two consecutive quarters of sales drops.
The company responded to slowing sales by slashing prices for some of its popular cars and introducing low interest rates, which likely helped boost quarterly sales above analysts’ expectations.
Consumers in the U.S. bought 268,909 electric vehicles in the first quarter of 2024, a 15.2% decrease from the previous quarter.
Tuesday’s report came right after the China Passenger Car Association released statistics on deliveries from Tesla’s Shanghai facility. According to the group, the company suffered a nearly 25% year-on-year reduction in regional deliveries.
Despite demand for EVs remaining relatively strong in China, competition from cheaper Chinese EV companies has reduced Tesla’s market share. Yet Tesla has remained focused on China and has signaled an interest in launching its robotaxi project there.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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