Tesla reported a weaker-than-expected 6% rise in global vehicle deliveries for the second quarter, reaching 402,780 units. This figure, though an increase, disappointed analysts who had projected deliveries around 420,000. For instance, Goldman Sachs had targeted approximately 420,000 deliveries, while Barclays anticipated around 418,000. Visible Alpha, based on a poll of 20 analysts, had predicted 402,780 vehicles, a 4.9% year-over-year rise and a 12.5% jump from the previous quarter. The lower-than-anticipated growth contributed to a 2% drop in Tesla's shares in early trading.
The report indicates a significant regional disparity in demand. Europe emerged as a strong growth driver, with Deutsche Bank estimating an almost 40% increase in deliveries for the region. This surge is largely attributed to higher fuel prices, exacerbated by the Iran war, which have encouraged consumers to switch to battery-electric vehicles. For example, Tesla registrations more than doubled in France, rose 39% in Denmark, and increased 56% in Sweden. Additionally, the introduction of lower-cost versions of the Model 3 and Model Y over the past year has also helped stimulate European sales.
In contrast, growth in China is expected to be stable at about 3%, while North America experienced a notable slump of 21% from the prior year. The expiry of the $7,500 Biden-era federal EV tax credit in September continued to pressure US sales. Despite strong European performance, the overall global increase did not meet the more optimistic analyst forecasts, suggesting that challenges in key markets like North America weighed down the aggregate delivery numbers. Tesla does not provide detailed regional delivery breakdowns, so these figures are based on analyst estimations and registration data from various European countries.
