Tesla delivered more electric vehicles in the second quarter than was expected in the market, but this good did not drive stock prices to continue. After the delivery data were published, the stock price fell by 7.5 per cent, indicating that the market focus was no longer just sales per se.
2nd quarter delivery was higher than expected
The company delivered 480,126 electric vehicles to its clients during the season, which is higher than the general analyst estimate of approximately 406,000. Production during the same period was 451,758.
- Second quarter delivery: 480,126
- General market expectations: approximately 406,000
- Production in the second quarter: 451,758
According to the data, this report card is significantly better than previously estimated on Wall Street. CNBC journalist Phil LeBeau also described it as a "manifestly over-expected" quarterly performance.
The good has been digested earlier.
Despite strong delivery performance, Tesla had previously been priced back. Super-expected data did not continue to raise stock prices, but instead prompted some funds to opt out after the news had landed.
The report mentions that the increase in the price of gasoline in Europe may have contributed to a phased increase in the demand for electric vehicles, which is related to the energy price volatility resulting from the Iranian conflict. At the same time, the lower-priced Model 3 and Model Y versions may also help Tesla to boost sales in the quarter.
However, the performance of different markets is not uniform. China ' s production of electric vehicles increased 24.4 per cent in June, while Norway ' s market registration fell 43 per cent, indicating that regional demand was still divided.
Autopilot remains at the core of the valuation
A significant portion of the current valuation of $1.6 trillion in Tesla is still based on expectations of robotaxi and Full Self-Driving, rather than just traditional car sales.
The National Road Traffic Safety Administration is still investigating a fatal accident on June 19th. The accident involved the Tesla pilot aid system, a technology that was an important basis for Tesla ' s future robotaxi programme.
On July 22nd, the newspaper got attention.
The next step in the market is to turn to Tesla's full second-quarter financial report on July 22nd. At that time, the outside world will judge whether the delivery was more than anticipated, whether it came from more robust pricing or from a discount to stimulate demand.
Tesla profit margins may be under pressure if sales growth is largely dependent on price reductions. This is also one of the important reasons for better data delivery and weaker stock prices.