Tesla reported first-quarter global deliveries of 336,681 units, missing Wall Street analysts' expectations of 390,343 units and down 13 percent from a year earlier.
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Category: Quarterly Data
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BYD has caught up with Tesla's 17 percent share of the global BEV market in the third quarter and is expected to overtake Tesla as the global leader in the fourth quarter, Counterpoint Research said.
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Tesla delivered 435,059 vehicles globally in the third quarter, down 6.67 percent from the second quarter. The decline was due to planned downtimes for factory upgrades, Tesla said.
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Tesla delivers record 466,140 vehicles globally in Q2
Tesla Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, beating market expectations of 437,400 and contributing 96 percent of deliveries.
Tesla (NASDAQ: TSLA) saw another record quarter of deliveries.
The US electric vehicle (EV) giant delivered 466,140 vehicles worldwide in the second quarter, up 83.02 percent year-on-year and up 10.23 percent from 422,875 in the first quarter, according to its overnight announcement.
It was also a new record for Tesla's EV deliveries and higher than the 448,400 units Wall Street analysts had expected.
Tesla's cheaper Model 3 and Model Y delivered 446,915 units worldwide in the second quarter, above market expectations of 437,400 units, contributing 96 percent of deliveries. A total of 19,255 Model S and Model X units were delivered, above expectations of 14,600 units.
Tesla produced 479,700 vehicles in the second quarter, including 460,211 Model 3 and Model Y, and 19,489 Model S with Model X.
Tesla's production and delivery gap was 13,560 units in the second quarter, down from 18,000 units in the previous quarter.
Tesla cut prices globally earlier this year, and its starting price for the Model 3 sedan came to an all-time low after it cut prices in China on January 6.
In early May, the company raised the prices of all Model 3s and Model Ys in China, all by 2,000 yuan ($275), an increase of less than 1 percent. The move was thought to be more aimed at dampening consumers' wait-and-see sentiment at the time.
In China, Tesla has a factory in Shanghai that produces the Model 3 and Model Y. It's the largest Tesla factory in the world, with an annual capacity of about 1.1 million units a year.
Tesla does not officially announce its deliveries in China, though the China Passenger Car Association (CPCA) publishes those numbers every month.
Tesla's retail sales in China in April and May were 39,956 and 42,508, respectively, and its Shanghai plant exported 35,886 and 35,187 units in the two months, according to the CPCA.
The company's June sales figures in China are expected to be available in a few days.
BYD (OTCMKTS: BYDDY), one of Tesla's main competitors in China, delivered 703,561 new energy vehicles (NEVs) in the second quarter, including 700,244 passenger cars and 3,317 commercial vehicles, according to data released yesterday.
BYD's passenger vehicle sales in the second quarter included 352,163 battery electric vehicles (BEVs) similar to Tesla vehicles and 348,081 plug-in hybrid vehicles (PHEVs).
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BYD sells record 253,046 NEVs in Jun, sales in H1 exceed 1.25 million
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China contributes 56% of global EV sales in Q1, Counterpoint says
The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.
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In the first quarter, the US overtook Germany as the world's second-largest electric vehicle (EV) market, while China still holds the lead, market research firm Counterpoint Research said in a report yesterday.
Global passenger EV sales grew 32 percent year-on-year in the first quarter, with one in seven vehicles sold in the quarter being electric, the report said.
Global EV sales were largely driven by China with 56 percent of total EV sales in the first quarter coming from this market, said Abhik Mukherjee, a research analyst at Counterpoint.
In China, while overall passenger vehicle sales fell 12 percent in the first quarter, EV sales rose a remarkable 29 percent year-on-year, the report said.
The removal of subsidies for NEV purchases in China led to lower-than-expected EV sales in January.
Tesla cut prices on its models globally in January, and then other car brands announced similar price cuts on their models starting in February, which led to improved sales of EVs, the report said.
During the February-March period, nearly 40 automakers, including BYD, NIO, XPeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, cut the prices of their vehicles by hundreds to tens of thousands of dollars, which eventually stoked a competitive price war in China, the report noted.
Initially, it was thought that the price war would soon be over and the automakers would benefit from increased sales. However, as the price war continues to stretch, several Chinese automakers have reported reduced earnings or even losses, according to the report.
Globally, battery electric vehicles (BEVs) accounted for 73 percent of all EV sales in the first quarter, while plug-in hybrid electric vehicles (PHEVs) made up the rest.
The top 10 EV models accounted for 37 percent of total passenger EV sales in the first quarter, with Tesla's Model Y remaining the world's best-selling model, followed by Tesla's Model 3 and BYD's Song, Counterpoint said.
In the first quarter, Tesla's Model Y became the world's best-selling passenger car model, even surpassing traditional fuel cars, according to the report.
By the end of 2023, global EV sales are expected to exceed 14.5 million units, said Soumen Mandal, senior analyst at Counterpoint, adding that US EV sales are expected to grow significantly this year with the implementation of the tax credit subsidy.
China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show
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