© Reuters. Tesla (TSLA) Q2 supply beat to ship bears into ‘hibernation’
(Up to date – July 2, 2023 1:28 PM EDT)
On Sunday, electrical car large Tesla (NASDAQ:) posted second-quarter supply numbers that simply topped Wall Avenue consensus, benefiting from worth cuts.
Telsa delivered over 466,000 autos within the quarter, beating the Wall Avenue consensus of 448,350 deliveries. The corporate produced practically 480,000 autos within the quarter.
Mannequin 3/Y manufacturing and deliveries have been 460,211 and 446,915, respectively. Mannequin S/X manufacturing and deliveries have been 19,489 and 19,225, respectively.
Commenting on the numbers, Wedbush analysts mentioned the beat will “ship bears into hibernation mode.”
“Value cuts carried out early in 2023 have paid main dividends for Musk & Co. as demand seems to stay very robust and manufacturing efficiencies have allowed for the huge deliveries beat this quarter,” they commented. “Total, we consider Tesla continues to be on monitor to hit its 1.8-million-unit supply bogey for the yr with this efficiency and may be capable of do it with a margin story that troughs over the following 1-2 quarters and ramps again up into FY24.”
They reiterated their Outperform score and $300 worth goal on the inventory following the numbers.
“With this supply beat, we consider the sum-of-the-parts story for Tesla is one other step in direction of coming into play with its newly launched supercharger community OEM offers, power enterprise, AI pushed autonomous path, unmatched battery ecosystem, and elevated manufacturing scale/scope globally including to the Tesla golden EV success story,” they added.