Tesla beats second-quarter delivery estimates

Tesla Inc on Sunday delivered a record number of vehicles in the second quarter, topping market estimates after the electric carmaker increased discounts and incentives.

The Elon Musk-led company handed over 466,000 vehicles in the three months ended June 30.

Analysts on average had expected Tesla to deliver 445,000 cars, according to nine analysts polled by Refinitiv, with the lowest estimate of 439,875 and highest of 450,000.

The world’s most valuable automaker had delivered 254,695 vehicles in the year-ago quarter.

Tesla is expected to hit record sales yet again in China, its second-largest market after North America, despite competition from market leader BYD.

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

It increased discounts for vehicles in inventory to a $1,600-to-$7,500 range and made all of its Model 3s eligible for full federal credits of $7,500 starting in June in the United States.

Earlier this year, Tesla slashed prices globally by as much as 20 per cent after missing Wall Street delivery estimates for 2022.

Tesla said total production rose 85.5 per cent to nearly 480,000 vehicles in the three months ended June 30, from a year earlier.

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.

• Business