Tesla | Deliveries fall as Chinese factory closes

(New York) Deliveries by the American electric vehicle manufacturer Tesla fell in the second quarter compared to the previous quarter for the first time in more than two years, slowed down in particular by the several weeks of closure of its Chinese plant.

Posted at 1:47 p.m

Elon Musk’s group delivered a total of 254,695 vehicles between April and June, according to a press release on Saturday. That’s up 27% from the same period in 2021, but down 18% from the first quarter.

That’s a disappointment for a company that’s looking to grow and has opened two more factories in Berlin and Austin, Texas since the beginning of the year.

The slowdown is bigger than expected by analysts, who had expected deliveries of 264,000 vehicles, according to a consensus set by FactSet.

The company warned in April that supply chain issues affecting all companies in the industry would continue to disrupt Tesla manufacturing through the end of the year.

That hadn’t stopped it from delivering a record number of cars in the first quarter.

But Tesla also had to deal with the several-week shutdown of its factory in Shanghai in the second quarter, where the authorities temporarily imposed strict lockdowns in view of the increase in COVID-19 cases.

In a press release on Saturday, the group emphasized that for the whole of the second quarter “it still produced 258,000 vehicles (-15% compared to the first quarter), despite the ongoing problems in the supply chains and the closure of factories, matters that do not concern us.” . He also notes that he has never produced as many cars as he did in June.

Elon Musk had estimated in April that Tesla could pick up the pace over the course of the year and produce more than 1.5 million vehicles in 2022. In the first half of the year, the group produced 563,987.

Instead, analysts now expect 1.4 million vehicles to be built for the year, Wedbush’s Dan Ives said in a note. And that drop has already been priced in on Wall Street, where Tesla stock fell 38% in the second quarter.

Since the pandemic began, Tesla has managed to ramp up shipments every quarter where other manufacturers have been slowed by factory shutdowns at the very beginning of the virus spread and then semiconductor shortages.

General Motors and Toyota again saw U.S. sales decline 15% and 23%, respectively, in the second quarter from the same period in 2021.

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