Tesla (NASDAQ: TSLA) exceeded vehicle delivery forecasts for the June 2024 quarter, though contributions from China-origin vehicles saw a decline. Following the revelation, Tesla’s share price surged $15.13, or 6.54%, to end Thursday’s trading session at $246.39, reflecting its peak since January. Despite a nearly 7% decline in Tesla’s share price in 2024, the company has recouped significant value erosions from previous months and has seen its shares increase by over 60% since recording a 52-week nadir in April. Notably, in June, Tesla shares appreciated by over 30%.
In the second quarter, China-origin vehicles accounted for 46.34% of Tesla’s worldwide deliveries, marking the first time since Q2 2022 that this figure fell below 50%. Tesla, led by billionaire and serial entrepreneur Elon Musk, reported worldwide deliveries of approximately 443,959 vehicles in the three-month period that ended in June, surpassing Wall Street’s consensus estimate of 439,302 vehicles. This figure represents a 4.76% year-on-year decrease but a 14.77% increase from the March 2024 quarter. Specifically, the company sold 386,810 vehicles in the January–March period. During Q1, worldwide deliveries fell by 8.53% year-on-year and 20.16% on a sequential basis.
In Q2, Tesla produced 386,576 Model 3 and Model Y vehicles. The company’s worldwide deliveries for the quarter were 422,405 Model 3 and Model Y units, exceeding Wall Street’s expectation of 412,288 units. The rest of the models accounted for 21,551 units, respectively. Tesla produced a total of 410,831 vehicles during the June 2024 quarter, 14% lower than the comparable period last year. This is the maiden time Tesla has reported a year-on-year sales decline for two successive quarters.
The number of vehicles manufactured at Tesla’s Shanghai factory, the company’s largest across the globe, and overall deliveries decreased in the June 2024 quarter as sales in China faced severe competition. Tesla China recorded sales of 205,747 vehicles in Q2, including domestic sales and exports, making up 46.34% of worldwide deliveries. Interestingly, this is the first time Shanghai Factory’s contribution has fallen below 50% since Q2 2022. In June, Tesla China reported sales of 71,007 vehicles, including overseas shipments, down 2.16% from May and 24.20% from a similar period last year, as per the China Passenger Car Association (CPCA).
The company’s vehicle sales in China were 219,056 units during the January–May period, a 0.38% decrease on a y-o-y basis. For the January–June period, Tesla sold 830,766 EVs worldwide, outperforming China’s BYD, which reported sales of 726,153 EVs. However, the worldwide figure for Tesla represents a 6.55% year-on-year decline. 426,623 units of China-origin Tesla vehicles were delivered in the January–June period, accounting for 51.35% of global deliveries.
Additionally, Tesla reported deploying 9.4 GWh of energy storage systems in Q2, marking its highest-ever quarterly deployment to date.
The solid production and delivery data is expected to keep Tesla’s stock slightly bullish in the short term.
The historical price chart indicates that Tesla’s stock is rising after consolidating at $170 levels. The next resistance is anticipated to be only near $270. Additionally, the stock is trading above its 50-day moving average, while the MACD indicator is showing a positive reading. Therefore, we anticipate Tesla’s stock to remain in an uptrend for the next few trading sessions.
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