Tesla has just released its Q2 2024 production and delivery report. The automaker delivered 443,956 cars in the first quarter of the year. That's slightly above expectations of around 438,019 vehicles for the April to June period, and enough to counter fears of an apocalyptic sales slump. Still, the electric automaker's sales are down yet again, about 5% over the same period in 2023.
This is the first time Tesla posted two straight quarters of decline. In Q2 2023, Tesla delivered 466,140 vehicles. However, the Q2 2024 result is well above Tesla's Q1 386,810 vehicles.
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Tesla sales down
As the electric competition increases, Tesla faces trouble over its aging lineup of cars. The Model 3 got an update this year, but the top-selling Model Y is at least a year away from the same treatment.
The breakdown of vehicles delivered in Q2 2024 is 422,405 for the Model 3 and Model Y and 21,551 for the Model S, Model X and Cybertruck.
On the production side, Tesla made 386,576 Model 3s and Model Ys combined. The Tesla Model S, Model X and Cybertruck—listed as "Other Models" accounted for 24,255 vehicles produced. Total production for Tesla in Q2 2024 stood at 410,831, which is noticeably below deliveries. However, Tesla had a lot of unsold cars left over from Q1 2024, so this likely explains the reduced production output.
"Times are tough for Tesla," said Jessica Caldwell, Edmunds’ head of insights, in a statement. "EV sales have slowed, many EV competitors have also been generous with incentives, and the company’s haphazard price cuts and incentives have become less effective in capturing the attention of shoppers the more frequently they’re leveraged. In fact, these tactics are arguably more effective these days in drawing the ire of Tesla owners as they watch the residual values of their vehicles dwindle away."
Caldwell added, "Given the affordability crisis, and Tesla’s latest offering is on the pricey side, Tesla is suffering from a narrow product portfolio—the company has less room to nudge consumers into other vehicles and price points that might be more appropriate in the macro environment. Even competing with their attractively priced used counterparts is likely a challenge for new Teslas."
Turning our attention directly to the Q2 2024 results, here's the graphic showing the figures:
"We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet," Tesla officials added in a statement. The automaker didn't provide any additional comments or context on production or deliveries.
"While perception of the brand has historically been a selling point for Tesla, Elon Musk's antics and his takeover of Twitter haven't exactly helped prop up Tesla’s image," Caldwell added. "And compounding the issue, Tesla is shifting away from being a premium brand and going more mainstream. According to Edmunds trade-in data from Q2 2024, just 39% of consumers who traded in Teslas to dealerships went to a luxury brand, which is a notable decrease compared to the 51.5% from Q2 2021."
Tesla will post its financial results for the second quarter of 2024 after market close on Tuesday, July 23, 2024.
Looking Back
For Q1 2024, Tesla delivered a total of 386,810 cars. Tesla lists Model 3/Y deliveries made up the bulk of the action with 369,783 delivered. Meanwhile, the combined Model S and Model X deliveries hit 17,027, or actually a tad lower, since some Cybertruck sales are likely included in the "other models" category.
On the production front, the combined figure for production of all Tesla vehicles hit 433,371 in Q1 2024. The breakdown shows that the Model 3/Y accounted for 412,376 of the total production figures, leaving the Model S/X (plus some Cybertrucks) at 20,995.
For Q4 2023, Tesla delivered a total of 484,507 cars. Tesla lists Model 3/Y deliveries made up the majority of sales with 461,538 delivered. Meanwhile, the combined Model S and Model X deliveries hit 22,969, or actually a tad lower, since some Cybertruck sales are likely included in the "other models" category.
On the production front, the combined figure for production of all Tesla vehicles hit 494,989 in Q4 2023. The breakdown shows that the Model 3/Y accounted for 476,777 of the total production figures, leaving the Model S/X (plus some Cybertrucks) at 18,212.
For the whole of 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles. The Model 3/Y accounted for the bulk of both figures. In 2023, Tesla delivered 1,739,707 Model 3/Ys and 68,874 "Other Models," which consisted of mainly the Model S and Model X, with perhaps a couple dozen Cybertrucks in the mix.
