Tesla delivers record 184,800 cars and generates $6.3 billion in second quarter

The second-quarter delivery numbers follow a strong first quarter, in which Tesla delivered a record 184,800 cars and generated $6.3 billion in revenue. That was up 74% from the previous quarter.

The company's success in the second quarter is a continuation of the momentum gained in the first quarter. Tesla is now on track to meet its 2021 target of delivering 500,000 cars. Tesla's improved performance is also likely to be bolstered by increased demand in China, where the company is opening its fourth factory and recently announced plans to increase production.

Tesla’s Success Continues with Record Second Quarter Deliveries Tesla shares rose 6.9% on Monday, following the company's announcement that it beat analyst estimates for second-quarter deliveries and production.

Analysts had expected 445,925 deliveries for the period ending June 30, 2023, but Tesla delivered 466,140 vehicles, exceeding the estimate by more than 20,000 cars. The strong second quarter followed a record first quarter, in which Tesla delivered 184,800 cars and generated $6.3 billion in revenue.

The delivery number was propelled by incentives and discounts offered to buyers in the first half of the year, and by a $7,500 federal tax credit under the Inflation Reduction Act in the U.S. Tesla shares are up 127% year to date, after a bruising 2022 performance that left them headed for historic lows.

Shares remain well off pandemic highs, but have since largely recovered from a December 2022 bottom of $101.81. Tesla is now on track to meet its 2021 target of delivering 500,000 cars, and increased demand in China is likely to bolster the company's performance.

Tesla recently opened its fourth factory in China and announced plans to increase production there. Tesla's success in the second quarter is a continuation of the momentum gained in the first quarter. The company's improved performance is likely to continue to drive its stock prices higher.