Tesla (TSLA) Global production and delivery data for the second quarter is likely to be released later this week, after Covid-19 shutdowns and restrictions cut Shanghai plant production significantly for most of this quarter. CEO Elon Musk also cited supply chain problems to limit production elsewhere. Tesla stock fell on Tuesday.
Wall Street revised downward estimates for the quarter. Analysts polled by FactSet on average expect Tesla to deliver 273,000 vehicles in the second quarter, with forecasts ranging from 249,000 to 323,000.
Deliveries above the first-quarter record of 310,048 seem implausible given the unusual challenges facing Tesla, suggesting that some analysts simply did not update their forecasts. An online forecaster with an excellent track record predicted on June 17 that Tesla would deliver 251,000.
EV opened its plant in Austin, Texas, in April, right after launching production at its Berlin plant in late March. Tesla expected a slow rise in production, with the Berlin facility in particular not being fully completed. But nevertheless, the output was light.
CEO Elon Musk recently said in a recently released video an interview With Tesla Owners of Silicon Valley on May 31 that the two new manufacturers are losing billions of dollars due to battery shortages and supply disruptions from China.
Musk also said that Tesla has struggled to increase production in Austin’s Model Y SUVs that use its new 4,680 cells and a structurally integrated battery pack. Instead, it had to focus on using older 2,170 cells to keep pushing cars out.
Meanwhile, Bloomberg reported on Tuesday that Tesla has laid off hundreds of Autopilot employees. The Report He said 200 of the team’s 350 workers were abandoned. The layoffs are the latest in a series of salary cuts to the company’s workforce, which Musk previously announced.
Shanghai factory is planned to restart
Tesla has reported plans to shut down new production in Shanghai in July, but these will be planned upgrades. The goal is to significantly increase production capacity to 22,000 cars per week.
Reuters reports that the Shanghai plant has been producing 17,000 Model 3 and Model Y vehicles each week since mid-June.
“Our limitations are much more in raw materials and the ability to increase production,” Musk said. Qatar Economic Forum Organized by Bloomberg last week.
Various reports indicate that Tesla Shanghai will either shut down completely for two weeks or will shut down its Model Y and Model 3 production lines in turn.
Tesla customers are waiting longer to get their cars. Delivery of the German-made Model Ys was expected at the end of June, but Tesla’s German website now says it expects deliveries between October and December.
Low production at the Berlin plant and limited Shanghai exports to Europe exacerbated waiting times.
For buyers in China, the waiting period for cars made in China is between 10 and 24 weeks, according to Reuters.
In the US, estimated delivery times for the Model 3 range from September to December. Delivery of the S models is expected between November 2022 and February 2023. Meanwhile, the Model X and Y vehicles will not be available until 2023.
Tesla stock fell 5% to 697.99 days stock market today, below the 21-day line. On Monday, stocks turned lower after hitting resistance at the 10-week line.
Other electric vehicles stock
Among other electric vehicle makers in the United States, Rivian (countryside) increased by 5.1% Tuesday, while Lucid (LCID) lost 2.45%. Among US automakers making significant investments in electric vehicles, General motors (GM) decreased 1.85% while stronghold (F) decreased 1.9%.
Shares of the German automaker listed in the United States Volkswagen (VWAGY) increased by 1%.
Tesla’s competitor in China BYD (BYDDF) by 2.9%, extending penetration from the base of a cup with a handle. New (NIO) decreased by 2.6%, Lee Otto (LI) fell 5.3% below the buying point as the automaker plans to sell $2 billion worth of ADS. Exping (XPEV) decreased by 5.1%.
All electric vehicle manufacturers in China are expected to announce their Q2 delivery numbers in the coming days as well.
Market Watch mentioned That Mizuho analyst Vijay Rakesh cut price targets for Tesla, Nio and Rivian, citing the continuing effects of supply restrictions and Covid-related shutdowns in China.
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