A giant cowboy boot is on display outside Tesla’s Giga Texas manufacturing facility during the Cyber Rodeo Grand Opening Party on April 7, 2022 in Austin, Texas.
Susanna Cordeiro | AFP | Getty Images
Tesla just published its production and vehicle shipment figures in the second quarter for 2022. Here are the key numbers:
- The total volume of deliveries for 2 sq. 2022: 254,695 units
- Total production for 2 sq. 2022: 258,580 units
Shipment figures, which are the closest approximation to sales reported by Tesla, fell short of analysts’ expectations.
Analysts were expecting a shipment of 256,520 vehicles for a quarter marked by Covid restrictions, supply chain issues, shortages in semiconductor chips and other parts, according to a consensus compiled by FactSet-owned Street Account.
Last year, Tesla delivered 201,250 vehicles in the second quarter, delivering over 200,000 units for the first time in a three-month period. In the first quarter of 2022, Tesla delivered 310,048 vehicles.
Today’s shipment figures reflect a 26.5% year-on-year sales growth and a 17.9% sequential decline for Elon Musk’s electric vehicle venture.
The company is targeting an average annual growth of around 50% over the long term, depending on production capacity and other factors.
In Tesla’s first-quarter shareholder report, the company said, “We plan to ramp up our manufacturing capacity as quickly as possible. Within a few years, we expect an average annual growth in car deliveries of 50%.”
In China this quarter, Tesla had to close or allow only partial operation at its Shanghai plant for several weeks due to coronavirus-related public health orders. (FactSet noted that some analysts’ forecasts were excluded from StreetAccount’s consensus if they did not factor in the Shanghai plant closure.)
Other supply chain problems exacerbated by Russia’s Brutal Invasion of Ukrainealso affected Tesla and the automotive industry in general during the quarter.
Separately, Tesla is battling high construction and start-up costs at new factories in Austin, Texas and near Berlin, in addition to its factories in Fremont, California and Shanghai. CEO Elon Musk has publicly lamented that the new factories Tesla is worth billionsbut have not yet been able to produce enough cars and batteries to justify their costs.
As startups and traditional automakers offer more new electric vehicles, Tesla share of the global and domestic market of electric vehicles decline is expected, but will remain significant.