Tesla is going to release its Q2 financial results expected on Wednesday, July 19, 2023.
Electric vehicle giant Tesla Inc (NASDAQ: TSLA) announced its vehicle production for the second quarter on July 02, 2023. During the second quarter, Tesla produced a total of 479,700 EVs and delivered 466,140 units to customers from different parts of the world. Notably, the company’s Model S/X accounted for 19,489 in production during the second quarter but about 19,225 were delivered to customers. Reportedly, about 460,211 Model 3/Y were produced during the second quarter with approximately 446,915 units delivered to global customers.
The production for the second quarter was a notable increase compared to the first quarter. Notably, the company produced a total of 440,808 EV units during the first quarter and delivered about 422,875 to its customers. During the first quarter, Tesla announced a total of 421,371 Model 3/Y were produced but delivered about 412,180 to customers. As for the Model S/X the company produced a total of 19,437 units but delivered only 10,695 to customers.
Tesla Market amid Growing EVs Production
Meanwhile, the company has promised to deliver financial results for the second quarter after the market close on Wednesday, July 19, 2023. The company’s stock market had minimal reactions to the announcement over the weekend. According to the latest stock market data, TSLA shares closed last Friday trading at $261.77, up 1.66 percent during the day. During the after-hours trading session, Tesla shares traded around the same level. Notably, Tesla shares have gained approximately 112 percent YTD with more analysts optimistic of its impressive performance for the rest of the year.
Tesla’s Chief Executive Officer Elon Musk warned investors of the highly speculative nature of the TSLA stock market. Moreover, the company is valued at more than $829 billion but currently makes a small sales margin. Nonetheless, Musk highlighted that the company is confident of its long-term value creation.
“Please advise people to be wary of margin loans. Tesla has always been a high variability stock, often with no obvious rhyme or reason. We are confident about long-term value creation, but cannot control the manic-depressive nature of the stock market,” Musk noted.
The company announced several price cuts for different models during the second quarter to remain competitive among other peers around the world. However, Piper Sandler senior research analyst Alexander E. Potter wrote in a note on June 26, that Tesla investors will feel the pain if price cuts are sustained in the third quarter.
Meanwhile, the company has planned to extend its electric vehicle production to different emerging markets including Mexico, India, and France, among others. As a result, the company intends to ramp up product production for other models including its Semi heavy-duty electric truck, Cybertruck pickup, and robotaxis.
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