Tesla Inc. is expected to announce quarterly production and delivery figures this weekend that will likely be among the worst of the year — and break its multi-quarter streak of record-setting results — due largely to an extended shutdown of its factory in Shanghai.
The electric vehicle maker may have delivered almost 281,700 vehicles globally during the three months ended in June, according to 15 analysts surveyed by Bloomberg, ending a two-year stretch of consecutive quarterly gains. Tesla handed over more than 310,000 vehicles in the first three months of the year, more than any previous quarter.
“We cut our second-quarter deliveries estimate by 65,000 to 245,000 units, reflecting a prolonged Covid 19-related shutdown and logistical challenges in the Shanghai factory,” wrote Emmanuel Rosner of Deutsche Bank in a research note to clients. “Recall that during the first-quarter call, CEO Elon Musk had provided directional guidance of sequentially flat deliveries for the quarter but the situation in China worsened subsequently, only improving in early June.”
