Tesla posts 122% gain in quarterly vehicle deliveries, but analysts wanted more

Tesla Inc., the electric vehicle company led by Elon Musk, said shipments of its battery-powered cars and crossovers rose 122% to a new quarterly record as sales and production were aided by continued growth in China. Still, analysts expected an even bigger increase.

The Palo Alto, California-based manufacturer reported deliveries of 201,250 vehicles worldwide in the second quarter of 2021, compared to 90,650 a year ago. That was less than the expected 207,000 deliveries, the average estimate of analysts polled by FactSet. (analysts polled by Bloomberg expects 204,160 deliveries.) It also surpassed the 184,877 Tesla reported in the first quarter, the previous quarterly record.

The comparison with a year ago was quite straightforward, given the production disruptions caused by the Covid-19 pandemic in the first half of 2020 and the ongoing expansion of production in China. The opening of a factory in Shanghai early last year has fueled automakers’ growth in recent quarters, as local manufacturing there allows Tesla to sell vehicles to Chinese customers without high import tariffs.

Overall, this quarter was an impressive performance from Musk & Co. and now with a strong second half performance (Tesla), it should be possible to hit ~900,000 vehicles for the year, which was a key target to start this year, Wedbush equity analyst Dan Ives said in a research note.

Deliveries of Model 3 sedans and Model Y hatchbacks totaled 199,360, while only 1,890 received more expensive Model S sedans and X crossovers, vehicles costing more than $100,000.

Production in the quarter was 206,421, up from 82,272 a year ago.

The company said its teams have done a great job navigating global supply chain and logistics challenges, which we agree with, as TSLA has been relatively immune to the shortages of semiconductors and other parts that have plagued other automakers, it said. CFRA analyst Garrett Nelson. in a research note. We think this is likely due to early supply sourcing as the company entered 2021 with plans for a significant volume increase.

Tesla doesn’t provide geographic details in its quarterly release, so it’s unclear how much US sales have increased from a year ago. The company’s financial results for the quarter are expected in a few weeks.

Tesla stock had changed little that day, gaining just 98 cents to close at $678.90 Friday.