Tesla Reports Q2 Sales Of Just Over 22,000
With another quarter just closed, Tesla has once again estimated its sales for the 3 month period (usually accurate to within a few dozen units when the number is ultimately finalized during the Q2 report in early August).
For the May to June period, total sales were just over 22,000 electric vehicles, broken down as follows:
- Tesla Model S: 12,000
- Tesla Mode X: 10,000
In Q1, 25,051 vehicles were sold, so Q2 was a slightly lower result, but also basically in line with the guidance the company offered during its Q1 report in May.
“Based on our current order and production rates, our first half outlook remains unchanged at 47,000 to 50,000 deliveries, which represents 61% to 71% annual vehicle delivery growth.”
Combing the actual Q1 and estimated Q2 deliveries, we see a first half result of just over 47,000 deliveries.
Tesla said it had issues getting out 100 kWh battery optioned cars in Q2, a phenomenon we noted in both May and April’s monthly estimates, with the vast majority of 100 kWh equipped deliveries happening in June.
From our earlier monthly report on the subject (/IEV self backpats):
“It was the apparent near absence of 100 kWh production early in the month (as we also saw in April…which at the time we thought was a reflection of getting 60 kWh cars out the door). This lack of production meant very little high-end deliveries in the US for the company in May.
…but they came in June, according to our estimates, about 40%of the Model S sedans delivered in June were of the 100 kWh variety, about as high as we have ever seen.”
As for FY 2017, Tesla has offered no guidance overall as the upcoming Model 3 (scheduled to arrive on July 28th with the first 30 deliveries being made at a special event), but Musk noted in May that things were looking pretty good for making 100,000 Model S/X sales by year’s end, and the company today said it expected H2 results to “likely exceed” H1 results.
Tesla statement on Q2 sales:
Tesla Q2 2017 Vehicle Production and Deliveries
PALO ALTO, Calif., July 03, 2017 (GLOBE NEWSWIRE) — Tesla (Nasdaq:TSLA) delivered just over 22,000 vehicles in Q2, of which just over 12,000 were Model S and just over 10,000 were Model X. This represents a 53% increase over Q2 2016. Total vehicle deliveries in the first half of 2017 were approximately 47,100.
The major factor affecting Tesla’s Q2 deliveries was a severe production shortfall of 100 kWh battery packs, which are made using new technologies on new production lines. The technology challenge grows exponentially with energy density. Until early June, production averaged about 40% below demand. Once this was resolved, June orders and deliveries were strong, ranking as one of the best in Tesla history.
Provided global economic conditions do not worsen considerably, we are confident that combined deliveries of Model S and Model X in the second half of 2017 will likely exceed deliveries in the first half of 2017.
Q2 production totaled 25,708 vehicles, bringing first half 2017 production to 51,126.
We always want our customers to experience the newest versions of Model S and X while their cars are in service, so we added fully loaded, newly built cars to our service loaner fleet. We always want the service loaner Tesla to be *better* than the customer car being serviced. The customer should never suffer for something that is our fault.
We also finally added a sufficient number of Model X cars to our test drive and display fleet because our stores had been operating with far short of what was needed and, in some cases, none at all. There appears to be substantial untapped sales potential for Model X. It should also be noted that production quality and field reliability of the Model X, for which Tesla has been fairly criticized, have improved dramatically. It is now rare for a newly produced Model X to have initial quality problems.
The first certified production Model 3 that meets all regulatory requirements will be completed this week, with a handover of ~30 customer cars at our Fremont factory on July 28. More details to follow soon.
Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5%. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.