Tesla (TSLA) has officially released its Q2 2024 delivery and production results. The automaker confirmed having delivered 444,000 electric vehicles last quarter.
Tesla Q2 expectations
Wall Street has adjusted its expectation this quarter to a consensus of about 438,000 deliveries, which is down from the 466,000 vehicles Tesla delivered during the same period in 2023.
As we reported last week, the expectation came down over the last few days after they were at ~450,000 deliveries last week.
Tesla Q2 results
Tesla confirmed that it produced 411,000 vehicles and delivered 444,000 vehicles – beating expectations by a slight margin:
In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles. We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet.
For the first time in a while, Tesla delivered more vehicles than it produced, but that’s partly because tens of thousands of vehicles were in transit at the end of last quarter.
Tesla still doesn’t break down sales by models. It bundles Model 3 and Y together and all other vehicles in the same “other models” category:
| Models | Production | Deliveries | Subject to operating lease accounting |
| Model 3/Y | 386,576 | 422,405 | 2% |
| Other Models | 24,255 | 21,551 | 1% |
| Total | 410,831 | 443,956 | 2% |
Tesla also released its energy storage deployment, which was exceptionally high at 9.4 GWh this quarter.
That’s not only a new record, but more than twice the amount deployed in the last record quarter.
Tesla’s stock (TSLA) is up 5% on the news.
Update: Tesla’s stock was up as much as 10% on the news.
Electrek’s Take
Top comment by PeterO
Considering our current ,' negative, EV environment' I see this as positive (quarterly) news. Yes, I understand Tesla's year to year results are a few percent lower but still fairly good results. Especially when you compare Tesla's EV results to the legacies. Forget for a moment the "Peter Johnson Percentage Game." His 'game' is focusing on the high increase percentage while underplaying the the low volume of production, deliveries, sales.
To me, the bottom line is Tesla is still producing strong numbers ( production, sales, and deliveries), and earning a profit. You can't sell what you don't make and the legacies are still reaping the rewards of their ICEV long game.
Tesla is far from perfect, they are focused, and turning out solid results despite the cries from the "Negative Nancies!"
It’s surprising that the market reacted so positively to the news. It is slightly higher than Wall Street expectations, but it is still down year-over-year.
And that’s also considering the fact that Tesla had a 46,000-vehicle discrepancy between production and deliveries last quarter. The portion of those vehicles that were in transit all contributed positively to Q2.
Therefore, it’s not a bad quarter, but it is still down year-over-year and therefore, it is trending in the wrong direction.
It will now be very difficult for Tesla to achieve its annual goal of 2 million vehicles in 2024.
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