Tesla (TSLA) – Receive reports from Tesla Inc. The report issued weaker-than-expected second-quarter deliveries, the automaker detailed on Saturday, as plant closures in China and supply chain disruptions around the world took a toll on production.
Tesla delivered 254,695 new cars in the three months ended June, the company said in a statement, up 26.7% year over year but down 17.7% from a record 310,048 in the first three months of the past year. Analysts were originally looking for around 295,000, but that estimate was cut sharply after Tesla reported consensus building at around 256,000 last week.
According to the report, Tesla has delivered 238,533 units of its Model 3 and Model and K, and 16,162 units of its Model S and Model X.
Production fell to 258,580 vehicles from 305,407 in the first quarter and 305,840 in the last three months of last year, due to supply chain disruptions and COVID-related closures at the Shanghai plant.
“In the second quarter, we produced more than 258,000 vehicles and delivered more than 254,000 vehicles, despite supply chain challenges and plant closures beyond our control,” Tesla said in a statement. “June 2022 was the highest vehicle production month in Tesla history.”
Tesla shares closed at $681.79 each Friday in New York after rising 1.24% in one session, reducing the stock’s year-over-year decline to nearly 35.5%.
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Tesla lost nearly 22 days of production at its flagship Shanghai gigafactory in the second quarter due to China’s “zero Covid” lockdown policy in the country’s largest city.
Supply chain disruptions and rising input costs also lowered Tesla’s overall production rates, forcing the group to raise prices on existing models and cut short-term costs as they head into the latter months of the year. is important.
Earlier this week, General Motors’ GM warned that chip shortages and supply chain disruptions would delay production, affecting nearly 100,000 vehicles, even as the automaker lowered its full-year profit forecast. repeated.
Commodity prices, as well as labor costs associated with the entire production cycle, have risen steadily over the past year, while prices for nickel — a key component in the manufacture of EV batteries — are up nearly 30% year-to-date to about $25,500 a dollar . are away. tonnes on the London Metal Exchange, while battery-grade lithium carbonate prices are up about 60% since early 2021.
Tesla told investors in April that “the impact of inflation on our cost structure has contributed to adjustments in our product pricing, although we remain focused on reducing our manufacturing costs where possible.”
GM said 96,000 vehicles in the group’s extensive inventory were missing some components that would delay their eventual sale. Still, GM said U.S. sales fell 15.4% in the second quarter, though that figure was below Street’s estimate of about 17.1%.
Tesla announced it would release its second-quarter results on Wednesday, July 20.