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- Tesla announced on Sunday that it had posted another record-breaking quarter in the three months ending June 30.
- Tesla reported that the EV leader delivered nearly 466,000 vehicles, and produced almost 480,000.
- This is another sign that Tesla's plan to start operating like other automakers has worked.
Tesla has posted another record quarter in terms of production and delivery for the three-month period ending June 30.
The EV market's leader announced Sunday that 479,700 vehicles were produced and 466,140 cars were delivered – both figures exceeding those for the first three months of the year.
The figures for the second quarter are almost double those of the same period in the previous year.
The Wall Street Journal reported that FactSet data showed that Tesla exceeded analyst expectations in the second quarter with about 445,000 deliveries. Tesla's "Deliveries", the closest number to sales, is reported.
Wedbush analysts said that the Tesla delivery number was "a massive step in the right directions." They kept a $300 target price on the stock, and said that the numbers will "put the bears into hibernation."
Tesla shares closed at $261 on Friday and have increased 142% in value this year. The company is now valued at $820 billion.
Wedbush analysts, including Dan Ives, wrote: "We believe that the sum of the parts story for Tesla will come into play, with its newly-released supercharger network OEM agreements, energy business and AI-driven autonomy path, as well as the unmatched battery eco-system, adding to the Tesla EV golden success story."
Tesla will be holding a conference call for investors on July 19 to discuss its results.
Alexa St.John, an Insider reporter, says that the second quarter numbers seem to indicate that Tesla is succeeding in its transition to acting more like a traditional car company. Due to the fact that production is outstripping demand, it has begun advertising, selling vehicles to rental companies and discounting them.
Tesla also won a quarter-long victory when Ford, Rivian and General Motors announced that they would use Tesla's charging technologies.
Tesla has changed the prices of its cars several times this year. Starting 2023, the company cut prices. Some analysts believe that the price cuts are the beginning of a EV war between Tesla, and other automakers who have jumped onto the EV bandwagon.
Insider's George Glover & Beatrice Nolan were told by some experts earlier this year that Tesla's cheaper models are now in high demand.
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By: amcdade@insider.com (Aaron McDade)
Title: Tesla delivered 466,000 cars in another record quarter. Analysts called it a ‘massive step in the right direction.’
Sourced From: www.businessinsider.com/tesla-posts-another-record-high-quarter-price-cuts-charging-wins-2023-7
Published Date: Sun, 02 Jul 2023 17:15:00 +0000
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