Tesla delivers over 250,000 cars in Q2 – fewer than during Q1 via /r/wallstreetbets #stocks #wallstreetbets #investing
Tesla delivers over 250,000 cars in Q2 – fewer than during Q1
Tesla produced over 258,000 vehicles and delivered more than 254,000 in a second quarter heavily restricted by Covid and other issues, the company announced on Saturday.
In addition to the pandemic, Tesla's second quarter was affected by supply chain issues, and a shortage of parts. The numbers released reflect a 50,000-plus increase in cars delivered compared to last year's second quarter, CNBC reports.
Despite the increase, Tesla fell short of analysts' delivery expectations of 256,520 units, according to a consensus compiled by FactSet-owned Street Account. Tesla reported over 300,000 deliveries in its first quarter of 2022 — over 50,000 more units than its most recent quarter.
In China, Covid-related rules forced Tesla's Shanghai factory to limit operations, and supply chain issues were exacerbated by the Russia's invasion into Ukraine.
The company plans to post the financial results of its second quarter on July 20, but Elon Musk admits production of new factories in Texas, California, and Germany have been costly.
"Berlin and Austin are losing billions of dollars right now because there's a ton of expense and hardly any output," Musk said in a May interview with Tesla Owners Silicon Valley.
"Getting Berlin and Austin functional and getting Shanghai back in the saddle fully are overwhelmingly our concerns. Everything else is a very small thing basically."
Tesla (TSLA) produced over 258,000 vehicles and delivered more than 254,000 in Q2, fewer than its Q1 deliveries of over 300,000. This is due to the supply chain issues and China's Covid-19 lockdowns which affected TSLA's production in its Shanghai plant. Tesla is expected to post its Q2 financial report on July 20
TSLA is currently trading at $681, down 43% YTD.
TSLA's price rose to over 7% after posting its Q1 performance. How much do you think TSLA will be trading after its Q2 report?
Submitted July 05, 2022 at 01:42PM by predictany007
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