The second quarter of 2024 introduced a year-over-year lower in Tesla EV manufacturing and deliveries, however the outcomes weren’t as unhealthy as some anticipated.
Among the many findings, we will be aware that the corporate restricted manufacturing to cut back the noticeable hole between manufacturing and deliveries from Q1 and simply achieved the milestone of 6 million EV deliveries cumulatively. Tesla remained the world’s largest EV participant, efficiently defending itself from BYD.
Tesla’s flat yr in progress
After delivering over 1.8 million all-electric vehicles in 2023, within the first half of 2024, Tesla delivered simply over 830,000. It means a slowdown by a number of % year-over-year. It is not clear whether or not Tesla will be capable of enhance its leads to the second half of the yr to at the very least keep on par with 2023.
On this submit, we are going to study the numbers and charts to visualise the progress and higher perceive what is occurring and what to anticipate within the close to future.
Outcomes Q2 2024
In Q2, Tesla‘s world electrical automotive manufacturing amounted to 410,831, 14% lower than a yr in the past. That is the bottom quarterly quantity since Q3 2022.
As regular, the lion’s share of 94% fell on the Mannequin 3/Mannequin Y duo at 386,576 (down 16% year-over-year). Manufacturing of “different fashions,” which incorporates the Mannequin S, Mannequin X, Cybertruck, and probably even the Semi, amounted to 24,255 (up 24% year-over-year).
The whole world deliveries amounted to 443,956, down 5% yr over yr. When it comes to the 2 car teams, the Mannequin 3/Mannequin Y duo famous 422,405 deliveries (down 5% yr over yr), whereas the “different fashions” famous 21,551 deliveries (up 12% yr over yr).
Tesla Q2’2024 outcomes (YOY change):
- Whole manufacturing: 410,831 (down 14%)
- Mannequin 3/Y manufacturing: 386,576 (down 16%)
- Different fashions manufacturing: 24,255 (up 24%)
- Whole deliveries: 443,956 (down 5%)
- Mannequin 3/Y deliveries: 422,405 (down 5%)
- Different mannequin deliveries: 21,551 (up 12%)
* We’re not solely positive whether or not the “Different fashions” class consists of the Tesla Semi, whose numbers had been by no means reported individually.
Whereas the whole outcomes are worse than a yr in the past, plainly the Cybertruck ramp-up helps to spice up the “different fashions” class. Nonetheless, the Mannequin S/Mannequin X quantity is probably declining.
Tesla Q1-Q2’2024 outcomes (YOY change):
- Whole manufacturing: 844,202 (down 8%)
- Mannequin 3/Y manufacturing: 798,952 (down 9%)
- Different fashions manufacturing: 45,250 (up 16%)
- Whole deliveries: 830,766 (down 7%)
- Mannequin 3/Y deliveries: 792,188 (down 8%)
- Different mannequin deliveries: 38,578 (up 29%)
For reference, in Q1-This autumn 2024, Tesla produced over 1.84 million electrical autos globally and delivered over 1.8 million electrical autos to clients.
Charts
After producing the six millionth electrical automotive in March 2024, in the course of the second quarter, Tesla crossed the extent of 6 million EV deliveries. The cumulative consequence on the finish of Q2 was practically 6.3 million models—the very best of any producer. This quantity consists of greater than 5.5 million Mannequin 3/Mannequin Y.
Tesla produced and delivered greater than 1.75 million electrical autos in the course of the previous 4 quarters. It is a slight decline from over 1.8 million autos in 2023.
Up to now, Tesla’s long-term purpose was to extend EV gross sales by about 50% year-over-year, however the yr 2024 is far more difficult. It is not sure that the corporate will obtain any development this yr.
One of the vital attention-grabbing issues is that in Q2, Tesla delivered far more vehicles than it produced. The distinction amounted to 33,125 models, a file excessive (the earlier excessive was 8,619 in Q2 2020).
It implies that after a file surplus of manufacturing over deliveries in Q1 (46,561), Tesla tried to cut back its stock by slowing EV manufacturing. It helped, and the cumulative distinction between manufacturing and deliveries on the finish of the quarter went down from over 160,000 to lower than 128,000. We’d see a continuation of this within the Q3.
