On Sunday, the sales figures were unveiled, revealing that Tesla, under the leadership of Elon Musk, delivered an impressive 466,140 vehicles worldwide, surpassing expectations on Wall Street. Meanwhile, BYD, the leading automaker in China, reported its highest-ever quarterly sales of 700,244 new-energy vehicles, with plug-in hybrids accounting for half of the total.
Following the announcement, BYD’s shares rose by up to 3.2% during Monday morning trading in Hong Kong. Contemporary Amperex Technology Co. Ltd. and LG Energy Solution Ltd., two suppliers of Tesla batteries, also experienced gains of 2.3% and 3.1% respectively, before trimming their increases.
Tesla’s strong performance validated CEO Elon Musk’s strategy of boosting production volume by lowering prices. According to analysts’ estimates, the company shipped 448,350 vehicles during the quarter.
During a phone interview on Sunday, Ben Kallo from Robert W. Baird remarked, “It is a significant achievement.” While some anticipated further price reductions, the impressive delivery numbers have reduced the likelihood of that happening.
The number of deliveries represents an 83% increase from the previous year and marks Tesla’s largest quarterly delivery volume ever. Furthermore, the company successfully reduced the second-quarter deficit between production and delivery, a closely watched metric by analysts, to 13,560 units. In the first quarter, Tesla had produced approximately 18,000 more vehicles than it delivered.