{"id":30656,"date":"2023-07-03T04:59:57","date_gmt":"2023-07-03T08:59:57","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/tesla-beats-second-quarter-delivery-estimates-as-price-cuts-pay-off\/"},"modified":"2023-07-03T04:59:58","modified_gmt":"2023-07-03T08:59:58","slug":"tesla-beats-second-quarter-delivery-estimates-as-price-cuts-pay-off","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30656","title":{"rendered":"Tesla beats second-quarter delivery estimates as price cuts pay off"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS\/Carlos Barria\/File Photo<\/span>
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(Reuters) -Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and U.S. federal credits helped make its electric vehicles more affordable.<\/p>\n

The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10% from the preceding quarter, and 83% higher from a year earlier. <\/p>\n

Analysts on average had expected Tesla (NASDAQ:) to deliver 445,000 cars, according to nine analysts polled by Refinitiv, with the lowest estimate at 439,875 and highest at 450,000. <\/p>\n

The world’s most valuable automaker produced 13,560 more vehicles than it delivered in the second quarter, although the gap has narrowed from 17,933 the first quarter. <\/p>\n

“The price cuts was a smart poker move for Tesla and paying major dividends in the field especially for the China market,” Dan Ives, an analyst at Wedbush Securities, said. <\/p>\n

Tesla is expected to hit record sales in China, its second-largest market after North America, despite stiff competition from market leader BYD.<\/p>\n

“We believe margins will trough the next few quarters,” Ives added. <\/p>\n

Tesla has cut prices starting in China since late last year, eroding its first-quarter margins. Tesla boss Elon Musk in April doubled down on the price war, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy and rising competition. <\/p>\n

It has since increased discounts across all of its line-ups, in a move seen to reduce inventory, while making all of its Model 3s eligible for full federal credits of $7,500 starting in June in the United States.<\/p>\n

The company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.<\/p>\n

Meanwhile, the electric-vehicle pioneer has notched up a series of wins in the EV fast-charging space with companies such as Ford Motor (NYSE:) and General Motors (NYSE:), as well as fast-charging equipment makers agreeing to adopt the firm’s North American Charging Standard (NACS). <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS\/Carlos Barria\/File Photo (Reuters) -Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and U.S. federal credits helped make […]<\/p>\n","protected":false},"author":1,"featured_media":24583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-30656","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nTesla beats second-quarter delivery estimates as price cuts pay off | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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