Tesla Inc. delivered 466,140 cars worldwide in the second quarter, surpassing Wall Street analysts’ estimates. The results published on Sunday indicated that the price reduction implemented six months ago had a significant impact.
Bloomberg’s analysts anticipated Tesla to ship 448,350 cars in the second quarter. Despite achieving its highest-ever quarterly delivery result and an 83% increase compared to last year’s quarter, Tesla sold 13,560 fewer vehicles than produced in the same period.
In the first quarter, Tesla produced 18,000 more cars than it sold. The company introduced incentives such as three months of free, fast battery charging in the United States for cars delivered by June 30. Analysts predict ongoing price cuts for Tesla vehicles in the upcoming year.
While the American company led by Elon Musk does not disclose quarterly data for individual car models, it clarified that the Model 3 and Model Y accounted for 96% of total sales. Additionally, Tesla manufactures the Model S and Model X. The company announced that it will release its quarterly earnings report on July 19.
Tesla Continues to Lower Prices
Following the slight price reduction of its Model Y in May, Tesla continues its trend, with the Model Y Dual-Motor Long-Range AWD now priced at $55,430, $560 lower than before. The rear-engine Model 3, typically priced at $39,530, is now $3,210 cheaper.
The exact reason behind Tesla’s price reductions is still under investigation. The impressive quarterly results drove increased sales and deliveries. On the other hand, the company may aim to clear inventory in preparation for upcoming models.
Tesla is actively working on an upgraded version of the Model Y, codenamed Juniper, and an upgraded Model 3, codenamed Highland, is also on the horizon.
Additionally, selling shares could aid the company in navigating the transition period more smoothly.