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Tesla Makes Production History but Fails to Deliver
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Tesla Makes Production History but Fails to Deliver

Story Highlights

Tesla produced a record 258,580 vehicles in the second quarter, but its deliveries missed expectations by 6,486 units.

Tesla, Inc. (NASDAQ: TSLA) manufactured 258,580 vehicles in the second quarter of 2022, the highest in its history and higher than Bloomberg‘s estimate of 247,382 vehicles.

It delivered 254,695 vehicles during the quarter, lower than the consensus estimate of 261,181 vehicles and the first-quarter deliveries of 310,048 vehicles. However, the figure came in higher than 201,250 vehicles delivered in the second quarter of 2021.

Last week, Wedbush analyst Daniel Ives said that he expected the company’s second-quarter deliveries to total around 250,000. “Anything above 260,000 will be viewed positively by the Street,” he had said.

Tesla manufactured 16,411 units of Model S/X and delivered 16,162 units during the second quarter. Model 3/Y production and delivery figures stood at 242,169 and 238,533 units, respectively.

Stock Rating

Based on 16 Buys, eight Holds and six Sells, the stock has a Moderate Buy consensus rating. TSLA’s average price target of $899.86 implies 32% upside potential from current levels. Shares have lost 37.3% over the past six months.

Insiders on TipRanks

TipRanks’ Insider Trading Activity tool shows that Insider Confidence Signal is currently Very Negative for Tesla, with corporate insiders selling TSLA shares worth $8.5 billion in the last three months.

Conclusion

Following the release of the second-quarter production and delivery figures, all eyes are now on the EV giant’s second-quarter financial results, which are scheduled to be released after the market closes on July 20. The Street anticipates the company to report earnings of $1.96 per share, compared with last year’s figure of $1.45 per share.

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