Tesla’s global second-quarter deliveries dropped 4% compared to the same period last year, with the company delivering 443,956 vehicles. This figure includes 422,405 Model 3 and Model Y units and 21,551 “other” vehicles. Despite the year-over-year decline, the deliveries were a 15% increase from Q1 and well above analyst expectations, which had predicted 436,000 vehicles.
Tesla set a record with 484,507 deliveries in Q4 2023, and in Q1 2024, it reported 386,810 deliveries, the lowest since Q2 2022. Analysts initially predicted Q2 deliveries would total 436,000 vehicles, but many believed the final number would fall below this estimate. The higher-than-expected Q2 deliveries led to a 4.4% increase in Tesla’s stock price on Tuesday.
In addition to vehicle deliveries, Tesla reported deploying 9.4 gigawatt hours (GWh) of energy storage products in Q2, the company’s highest quarterly deployment to date. This growth in Tesla’s energy business comes as the demand for energy increases due to advancements in generative artificial intelligence (Gen AI). Morgan Stanley’s analyst Adam Jonas values Tesla Energy at $130 billion and projects it will generate around $7 billion in revenue this year, with margins expected to surpass the company’s auto margins in 2024.
