Tesla fails to overcome sales slump as EV deliveries decline for two quarters straight for the first time in history
Tesla has been unable to top its Q2 2023 deliveries according to the company’s latest Q2 2024 delivery and production report. The EV giant managed to deliver a total of 443,956 vehicles in Q2 2024. Although the Q2 2024 deliveries are a healthy 14.8% more than Q1 2024, this is a reduction of 4.8% compared to Q2 2023 where the company recorded a figure of 466,140. As a result, Tesla has now suffered two quarters of slowing sales for the first time in history per InsideEVs.
As noted by CNBC, multiple factors could be contributing to Tesla’s sluggish performance. For instance, the company is having a hard time competing with the onslaught of Chinese EVs even with frequent discounts and offers. Then there is the issue of Tesla’s stale lineup. Aside from the introduction of the Tesla Cybertruck last year, the company hasn’t added to its fleet of consumer EVs since 2020’s Model Y.
Tesla Model 3 and Model Y deliveries lead the pack
The Tesla Model Y and Model 3 lead the rest of the fleet in Q2 2024 with a combined 422,405 EVs delivered against a production of 386,576. The discrepancy between the total Model 3 and Model Y vehicles produced and delivered in Q2 points to a ton of previously unsold stock. Similarly, EV deliveries for the rest of the lineup came in at 21,551 while total production stood at 410,831.
Interestingly, even though Tesla failed to beat Q2 2023, the Q2 2024 results are still better than analyst expectations. According to FactSet StreetAccount, analysts believed Tesla’s Q2 deliveries would clock in at 439,000. The news of better-than-expected deliveries sent Tesla’s stock on a 10% rally as $TSLA closed at $231.26 on Tuesday.
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