Tesla Q2 2024 Delivery Surges, Faces Competition

Tesla Q2 2024 Delivery Numbers Surpass Expectations, But Competition Heats Up

July 2, 2024

Palo Alto, CA — Tesla has reported stronger-than-expected global deliveries for the second quarter of 2024, defying concerns over slowing electric vehicle (EV) demand. The Elon Musk-led automaker delivered 455,000 vehicles between April and June, beating Wall Street estimates of 440,000 and marking a 9% increase from the same period last year.

Key Takeaways:

Model Y remains the bestseller, accounting for over 60% of deliveries.

Cybertruck production ramps up, with 12,000 units delivered, though supply constraints remain.

Price cuts and incentives in key markets like China and Europe helped boost demand.

However, Tesla faces growing competition from Chinese rivals BYD, which reported 480,000 EV sales in the same quarter, and emerging players like Xiaomi’s SU7, which has seen strong initial demand.

Market Reaction:

Tesla’s stock (TSLA) initially rose 3% in pre-market trading but later pared gains as analysts debated whether the delivery surge was sustainable. 'Tesla’s volume growth is impressive, but margins remain under pressure due to aggressive pricing strategies,' said Daniel Ives of Wedbush Securities.

Looking Ahead:

With new models like the refreshed Model 3 Performance and the upcoming $25,000 compact car in development, Tesla aims to maintain its dominance. However, investors will be closely watching the company’s earnings report later this month for updates on Full Self-Driving (FSD) adoption and AI initiatives.

Bottom Line: Tesla’s delivery numbers show resilience, but the EV race is far from over.

— Evelyn Carter, EV Insights

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