© Reuters. Tesla (TSLA) Cadence Q2 Delivery To Send Bears To ‘Hibernate’
(Updated – July 2, 2023 1:28 PM EST)
Electric vehicle giant Tesla (NASDAQ) on Sunday published delivery numbers for the second quarter that easily beat the Wall Street consensus, benefiting from price cuts.
Telsa delivered more than 466,000 vehicles in the quarter, surpassing the Wall Street consensus of 448,350 deliveries. The company produced approximately 480,000 vehicles in the quarter.
Production and deliveries of the Model 3/Y were 460,211 and 446,915, respectively. Production and deliveries of the S/X were 19,489 and 19,225, respectively.
Commenting on the numbers, Wedbush analysts said the tempo “will send the bears into hibernation.”
They commented, “Price cuts implemented in early 2023 have paid dividends for Musk & Co. as demand appears to remain very strong and production efficiencies allowed for massive deliveries well over the quarter.” “Overall, we believe Tesla is still well on its way to reaching the ghost of 1.8 million units delivered for the year with this performance, and should be able to do so with a margin story that goes down over the next first and second quarters and ramps back up in fiscal ’24.”
They reiterated their outperform rating and $300 price target per share after the numbers.
“With this delivery cadence, we believe Tesla’s sum-of-parts story is another step toward playing with OEM deals for the newly released Supercharged Network, Power Works, AI-driven Autonomous Path, unparalleled battery system, and increased production scale/ A range globally adds to the Tesla Golden EV success story.”
