Tesla delivers record number of cars last quarter, beating expectations

() — Tesla exceeded expectations in the second quarter of 2023 by announcing this Sunday that it produced almost 480,000 vehicles and delivered more than 466,000.

The majority of production and deliveries were of the Model 3 sedan and Model Y crossover, with 460,211 produced and 446,915 delivered. The electric carmaker produced 19,489 of the higher-priced Model X and Model S and delivered 19,225.

Dan Ives, an analyst at Wedbush Securities, said it was a “trophy show quarter” for the company, adding that “Tesla bears”—meaning Tesla bear investors—will return to “hibernation mode.”

It was a delivery record, albeit a long-awaited one. Wall Street had forecast about 447,000 deliveries, Ives said.

In April, Tesla cut prices for the fifth time since January, slashing costs between 2% and nearly 6% as the US seeks to cap tax credits for electric vehicles.

“Price cuts implemented in early 2023 have paid significant dividends for Musk & Co., as demand appears to remain very strong and production efficiencies have allowed mass deliveries to break through this quarter,” Ives said.

The numbers are a significant jump from this same time last year. In the second quarter of 2022, Tesla reported 254,695 deliveries and produced 258,580.

In the first quarter of 2023, Tesla produced about 441,000 vehicles and delivered about 423,000.

Tesla has set a goal of 1.8 million deliveries this year, Reuters reported.

The company will publish its second quarter financial results on July 19.