Tesla’s Global Deliveries in Q2 Fall Short of Expectations, BYD Surpasses
Tesla (NASDAQ: TSLA) recently released its global delivery figures for the second quarter, and the numbers were below Wall Street’s expectations. The electric vehicle (EV) giant delivered 384,122 vehicles globally, missing the projected 389,407 vehicles. This marked a 13.48 percent year-on-year decline in deliveries, the second consecutive quarter of decline. However, compared to the first quarter, deliveries saw a 14.09 percent increase.
In the second quarter, Tesla’s Model 3 and Model Y deliveries totaled 373,728 units, down 11.52 percent year-on-year but up 15.42 percent from the previous quarter. The company also reported producing 410,244 vehicles and deploying 9.6 GWh of energy storage products during the same period.
Tesla’s performance in China played a significant role in its global deliveries, with Tesla China’s wholesale sales in June reaching 71,599 units. This brought the second-quarter total to 191,720 units, with vehicles produced at the Shanghai factory accounting for almost 50 percent of Tesla’s global deliveries. Despite a 6.82 percent decline compared to the previous year, Tesla China’s second-quarter sales increased by 10.98 percent from the first quarter.
However, Tesla’s global delivery numbers fell further behind BYD (HKG: 1211, OTCMKTS: BYDDY) in the battery electric vehicle (BEV) market. In the second quarter, BYD’s passenger BEV sales totaled 606,993 units, surpassing Tesla’s by 58.02 percent or 222,871 units.
BYD’s success can be attributed to its diverse lineup of NEVs, including both BEVs and plug-in hybrid electric vehicles (PHEVs). In the second quarter, BYD’s passenger NEV sales reached 1,127,173 units, showing a year-on-year increase of 14.70 percent and a quarter-on-quarter increase of 14.31 percent.
The widening gap between Tesla and BYD underscores the competitive landscape in the EV market. Tesla will need to strategize and innovate to regain its position as a leader in the industry. The company is set to report its second-quarter financial results later this month, providing further insights into its performance and future plans.
