Tesla’s Record Deliveries Beat Wall Street Estimates. The Stock Won’t Go Up.

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Tesla reported its delivery numbers for the second quarter.

David Paul Morris/Bloomberg


delivered 466,140 vehicles in the second quarter. That’s a record and better than Wall Street expected. It’s a very good result and investors love a strong ‘beat,’ still, it might not be enough to keep the stock moving higher, considering the starting point.

The more than 466,000 units compares with about 423,000 delivered in the first quarter of 2023, and about 255,000 in the second quarter of 2022, when much of China was locked down to fight Covid-19.

Wall Street was looking for deliveries of about 445,000 to 447,000 cars. The company-compiled consensus call is about 447,000 units, close to the number compiled by Bloomberg. The consensus estimate on


was about 445,000 units.


(ticker: TSLA) produced 479,700 units. The gap between production and deliveries is 13,560. That’s a small negative.

A small gap between production and deliveries, when sales are growing, isn’t a surprise, but investors have been following the number, wondering if rising vehicle inventories means demand is waning.

Tesla has produced about 99,000 more cars than it has sold over the past few years. The current level represents about 19 days of inventory. That’s low. The traditional auto industry typically operates between 30 and 60 days of sales on dealer lots.

Even though Tesla’s number doesn’t compare to the overall industry, it makes sense to pay attention to the change in the Tesla number.

Taking all the…


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