Tesla (TSLA) released its second-quarter production and delivery numbers on Sunday, easily beating expectations as the effects of the electric vehicle maker’s price cuts, combined with federal electric vehicle tax credits, boost sales.
For the quarter, Tesla reported worldwide production of 479,700 units with shipments of 466,140. The shipment figure easily exceeded Wall Street consensus estimates of 448,599 units, as well as the previous quarter’s total of 422,875. Production and delivery totals for the second quarter were all-time highs for Tesla.
Analysts and investors focus more on delivery totals because they most closely track sales totals, which Tesla does not release. Breaking down total shipments, Tesla delivered 446,915 Model 3s and Model Ys and 19,225 more expensive Model Ss and Model Xs. The company also said 5% of its sales are subject to rental accounting.
Tesla’s second-quarter delivery pace indicates that the company’s price cuts continue to boost sales in the United States and abroad, although questions remain about the extent of the profit cut. Tesla also received another boost from the federal government in the second quarter, as all versions of the Model 3 sedan qualified for the $7,500 federal tax credit.
Separately, Wall Street analysts over the past two weeks have downgraded Tesla shares after the stock surged following strong gains in the tech sector. Many analysts attributed the surge to strong gains in AI-related stocks, with analysts warning that Tesla was not the AI big game that many investors seemed to believe. Analysts like Mark Delaney at Goldman and Adam Jonas at Morgan Stanley consider the stock to be fairly valued right now.
Finally, Tesla announced that it would release second-quarter results after the July 19 bell.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on instagram.
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