GM suffered a 34 percent year-over-year sales decline in the second quarter of 2020. Tesla's 5 percent decline in year-over-year deliveries compares favorably to other carmakers. The credit fell by half on Jand phased out completely on December 31. That presumably reflects the effects of the coronavirus over the last two quarters, as well as the phaseout of the federal tax credit for purchasing a Tesla. Tesla also delivered more cars in Q3 and Q4 of 2019 than it did last quarter. While Tesla's Q2 deliveries were up from the previous quarter, they're down slightly from the 95,200 vehicles produced in the second quarter of 2019. After closing at a record high of $1,120 yesterday, Tesla's shares rose above $1,200 in pre-market trading on Thursday morning. This despite the fact that Tesla's main factory in Fremont, California, was shut down by county officials for the first half of the quarter. The electric carmaker delivered 90,650 vehicles in the second quarter of 2020, up slightly from the 88,400 vehicles delivered in the first quarter. Tesla has surprised Wall Street again with better-than-expected delivery numbers. The tech-rich Nasdaq Composite has fallen by 31% in 2022.Andrei Stanescu / Getty Images reader comments 228 with Tesla shares year-to-date have lost about 25% in part as large-cap tech stocks broadly have sunk into a bear market as the Federal Reserve pushes up interest rates. The two vehicle models account for roughly 95% of Tesla's output. The report cited internal company plans reviewed by Reuters. Reuters reported late last week that Tesla has set an ambitious target to produce about 495,000 Model Y and Model 3 vehicles in the fourth quarter of this year. "We believe the unit set-up into 4Q is very robust and could approach massive numbers that are in the 475k+ range," Ives wrote. Ives said it views the deliveries report as "more of a logistical speed bump" rather than the start of a softer delivery trajectory into the fourth quarter of 2023. "While the reasoning (in the PR) from Tesla makes sense on paper, the Street will not be convinced and lingering worries about demand issues will persist until we hear around year-end unit guidance on Tesla's conference call October 19th," Wedbush analyst Dan Ives wrote in a Sunday note. Aiming for steadier deliveries intra-quarter," Musk wrote in a Sunday tweet. "Smoothing out crazy end of quarter delivery wave to reduce expedite costs & relieve stress on Tesla team. Tesla CEO Elon Musk also addressed the delivery situation in a question posed to him on Twitter. It said an increase in cars in transit at the end of the reporting period will be delivered after they arrive at their destination. "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," said Tesla. The company cited delivery issues for the production and delivery gap of 22,093 vehicles. The deliveries marked a new record but were below the nearly 358,000 vehicles expected in a Bloomberg survey of analysts. Tesla on Sunday said it produced 365,923 vehicles and delivered 343,830 in the third quarter. Shares dropped 8.6% to close the session at $242.40, the lowest finish since July 18. Tesla shares slid to their lowest price in more than two months Monday after the electric vehicle maker posted quarterly deliveries that missed expectations even as they set a record. The company cited logistics issues for the production and delivery gap of 22,093 vehicles. Deliveries of 343,830 marked a new record but also fell short of an estimate of roughly 358,000 vehicles.Tesla shares dropped nearly 9% Monday after the EV maker's Q3 report on deliveries missed analyst expectations.Elon Musk at the opening of the new TeslaĮlectric car manufacturing plant in Germany in March.
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