A giant cowboy boot is displayed outside the Tesla Giga Texas manufacturing plant during the ‘Cyber Rodeo’ grand opening party on April 7, 2022 in Austin, Texas.
Suzanne Cordeiro | AFP | Getty Images
Tesla just released its second quarter vehicle production and delivery numbers for 2022. Here are the key numbers:
- Total Q2 2022 deliveries: 254,695
- Total Q2 2022 production: 258,580
Delivery numbers, which are the closest approximation to Tesla’s reported sales, fell just short of analysts’ expectations.
According to a consensus compiled by FactSet-owned Street Account, analysts expected deliveries of 256,520 vehicles for the quarter, which was marred by Covid restrictions, supply chain grunts, semi-chip -conductive and other parts shortages.
Last year, Tesla delivered 201,250 vehicles in the second quarter, its first shipment of more than 200,000 units in a three-month period. In the first quarter of 2022, Tesla delivered 310,048 vehicles.
Today’s delivery numbers represent a 26.5% year-over-year sales growth and a 17.9% sequential decline for Elon Musk’s electric vehicle business.
The company has adopted an average annual growth of around 50%, over the long term, depending on manufacturing capacity and other factors.
In Tesla’s first-quarter shareholder presentation, the company said, “We plan to increase our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve an average annual growth of 50% in vehicle deliveries.
In China this quarter, Tesla had to shut down or allow only partial operations at its Shanghai factory for weeks due to covid-related public health orders. (FactSet noted that some analysts’ projections were excluded from the StreetAccount consensus if they did not take into account the Shanghai plant closure.)
Other supply chain issues, compounded by Russia’s brutal invasion of Ukraine, also impacted Tesla and the broader auto industry in the quarter.
Separately, Tesla is grappling with the high costs of building and starting production at new factories in Austin, Texas and near Berlin, in addition to its plants in Fremont, California and Shanghai. CEO Elon Musk has publicly lamented that new factories cost Tesla billions, but have yet to be able to manufacture enough vehicles and batteries to justify their costs.
As startups and traditional automakers come up with more new EVs, Tesla’s share of the global and domestic EV market is expected to decline but remain substantial.