Tesla (TSLA) Global shipments fell 4% in the second quarter from a year ago but came in well above analysts’ expectations, according to a company press release Tuesday. TSLA shares were up early in the morning.
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Tesla announced Tuesday that it delivered 443,956 vehicles in Q2, while producing 410,831 units. The EV giant delivered a total of 422,405 Model 3 and Model Y units, along with 21,551 “other” vehicles. The total is down 4% from last year’s 466,140 deliveries. However, it’s up 15% compared to Q1.
Tesla delivered a record 484,507 units in the fourth quarter of 2023. The company reported in early April that global deliveries totaled 386,810 in the first quarter, beating even the lowest estimates and marking the lowest quarterly deliveries since 344,000 in the second quarter of 2022.
Analysts had forecast Tesla’s global deliveries in the second quarter would total 436,000 vehicles, according to FactSet. The consensus at the end of May was 448,000 deliveries.
However, heading into Tuesday, many analysts believed Tesla deliveries would come in below 436,000. On Friday, Wedbush Securities analyst Dan Ives, a longtime Tesla bull, wrote that deliveries should approach that consensus number. He added that “whisper numbers” are in the 415,000-420,000 range.
Tesla’s Chinese rivals boost sales with cheaper new models
Tesla shares rose 4.4% to 219.20 in market action on Tuesday. On Monday, TSLA shares rose 6% to 209.86, reclaiming the 200-day moving average for the first time since January.
EV startup Rivian (RIVN) also reported deliveries in the second quarter on Tuesday.
What about Tesla Energy?
In addition to the global shipment numbers, Tesla also reported Tuesday that it deployed 9.4 gigawatt hours (GWh) of energy storage products in the second quarter, the company’s highest quarterly deployment to date.
In the first quarter, Tesla produced 4,053 megawatt hours (MWh), a record.
Tesla currently offers solar panels and a solar roof, along with powerwalls for energy storage. On the commercial side, Tesla also offers the “megapack.”
Adam Jonas, Morgan Stanley’s top auto analyst, wrote last week that as generative artificial intelligence (Gen AI) increases energy demand, Tesla’s energy business “could be uniquely positioned to benefit from investments in the U.S. electric grid accelerated by the AI boom.”
Jonas currently values Tesla Energy at $36 per Tesla share, which equates to approximately $130 billion.
The analyst predicts Tesla Energy will generate revenue of about $7 billion this year, up 20% from 2023. Jonas also predicts Tesla Energy’s margins will surpass the company’s auto margins in 2024.
CEO Elon Musk said at Tesla’s June 13 shareholder meeting that the company is on track for 200%-300% annual growth in energy storage and office equipment deployment.
Tesla Stock Performance
TSLA shares’ Monday surge added to an 8.1% jump last week. Tesla shares have now broken out from a 191.08 handle buy point, according to MarketSurge chart analysis. The buy range extends to 200.63.
The stock hit resistance at its 40-week line on Friday but closed higher. Shares have risen more than 11% in June.
Tesla has risen since reporting its first-quarter earnings and revenue figures on April 23, finding support just above its 50-day moving average.
Tesla shareholders recently voted in favor of Musk’s $56 billion pay package in 2018 and the EV giant’s re-establishment in Texas, from Delaware.
With the company’s annual meeting now behind us, analysts are looking forward to Tesla reporting its second-quarter earnings in mid-July. The company will also unveil its robotaxi on August 8.
Tesla shares rank No. 6 in the 35-member IBD Auto Manufacturers industry group. The stock has a Composite Rating of 59 out of a best-possible 99. Shares have a Relative Strength Rating of 32 and an EPS Rating of 62.
Follow Kit Norton on X @KitNorton For more information.
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