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Yesterday, Tesla posted record production and delivery numbers for the year's second quarter. Announcing this feat Tesla wrote, “In the second quarter, we produced nearly 480,000 vehicles and delivered over 466,000 vehicles.”
Both the production and delivery numbers were significantly higher than Wall Street’s expectations which stood at 440,000 and 455,000 respectively. In addition to handily beating analyst expectations, Q2’s results were 5% growth quarter over quarter.
In Q2, we produced nearly 480k vehicles & delivered over 466k vehicles → https://t.co/YehXmk8vzK
— Tesla (@Tesla) July 2, 2023
However, even more impressively, Q2 results were up more than 80% for both production and delivery over the same time last year. Q2 2022 was a specially challenging quarter for Tesla due to COVID-19 lockdowns which forced Tesla’s largest factory in Shanghai China to shut down for more than half of the quarter.
Related News: Tesla's Dominance in Europe's Electric Vehicle Market Grows Stronger
Having said that, the vehicle production and delivery growth in Tesla’s latest quarter still points to a company that is in its early growth phase and can still grow high double digits for the foreseeable future.
Tesla’s Q2 performance has been widely admired and today the company’s stock opened up sharply by 7%. Tesla at the moment of writing is trading at around $280 per share or up more than $18 per share in a single day.
According to Tesla's latest financials, the company's current number of shares outstanding is 3.17 billion meaning an $18 per share increase amounts to a $57 billion increase in Tesla’s market cap in a single day.
This is all exciting, however, growth for Tesla’s stock might just be getting started. In the second half of the year, Tesla has planned several exciting product launches and 2 new factory construction commencements.
The product launches are by the end of the third quarter Tesla is expected to start the first deliveries of the Cybertruck. If the final specs of the product indeed live up to the hype, the Cybertruck launch is expected to turbocharge Tesla’s stock price.
In addition, Tesla is also expected to launch a new refreshed version of the Model 3 code-named project “Highland”. The Model 3 refresh is expected to be a fundamental overhaul of the vehicle improving the range, performance, and tech while at the same time decreasing the complexity and cost of production.
And if this wasn’t enough in the second half of the year, Tesla is also expected to start construction on additional 2 new factories – Giga Mexico and Giga Nevada. Elon Musk has also hinted at a possible additional factory announcement by the end of the year.
All these put together, 2023 might end up being a breakout year for Tesla stock and hopefully a rewarding year for Tesla shareholders. Currently, Tesla has many exciting projects planned for the second of the year and we will be sure to keep you posted as Austin, Texas EV maker executes its various exciting plans.
Until then, make sure to visit our site torquenews.com/Tesla regularly for the latest updates.
So what do you think? Excited about Tesla’s blowout Q2 production and delivery results? Do you think Tesla’s stock can grow even higher in the second half of the year? Let me know your thoughts in the comments below.
Image: Courtesy of Tesla
For more information check out: Elon Musk Confirms With Version 12 Tesla Plans to Move FSD Software Out of Beta
Tinsae Aregay has been following Tesla and The evolution of the EV space on a daily basis for several years. He covers everything about Tesla from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.
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