June was a record month for electric car maker Tesla as the Austin, Texas-based company saw its sales increase by 50% in the first half of 2022 compared to last year. The world’s largest producer of electric cars recently released its production and delivery results for Q2 2022, revealing that it also experienced its first down quarter in a long time.
Although Tesla did not state exactly how many EVs it produced in June, the company stated that June 2022 was a record production month. Over the second quarter of 2022, Tesla produced 258,000 EVs in total and delivered more than 254,000 units. This was the first time the company reported a down quarter in a long time. Tesla may be able to rally and make a comeback in the second half of 2022 if it ramps up production in Gigafactory Shanghai, Gigafactory Texas and Gigafactory Berlin.
Electrek estimates that around 120,000 Teslas rolled off the production line in June 2022. Tesla was one of the few automotive companies that saw sustained growth throughout the COVID-19 pandemic as well as the global chip shortage. In terms of production volume, Tesla delivery numbers have increased for nine quarters in a row since 2020. However, Tesla was forced to shut down Gigafactory Shanghai in Q2 2022 because of COVID-19 restrictions.
This is partly why Tesla’s delivery numbers slumped by 18% from 310,000 units in the first quarter of the year to 258,000 in Q2. Compared to Q1 2021, Tesla had seen a 68% year-on-year increase in deliveries. Delivery numbers, especially in Australia, were also impacted by supply chain disruptions.
Looking at Tesla’s deliveries in the second quarter of 2021 reveals that despite seeing a quarterly slump, Tesla still had a 26.5% year-on-year increase compared to Q2 2022. The company is still experiencing long-term growth despite the recent slump. Furthermore, Tesla may be able to rally and make a comeback in the second half of 2022 if it ramps up production in Shanghai, Texas and Berlin.
Tesla recently announced that Gigafactory Shanghai was back to its full production capacity and that the company was planning to upgrade production capacity to 21,000 electric cars per week, bringing its total production in Shanghai to more than a million EVs per annum. The EV maker is also planning to shut down Gigafactory Berlin to upgrade its production capacity.
The commendable sales being enjoyed by Tesla suggest that all other industry players, including Lordstown Motors Corp. (NASDAQ: RIDE), may have a bigger slice of the pie if production is ramped up and prices steadily come down.
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