Tesla highlighted June as the highest month in its history for car production, hinting that its deliveries are expected to rebound in the following quarters.
Tesla's (NASDAQ: TSLA) quarterly deliveries stopped growing in the second quarter for the first time since early 2020, apparently due to a production hit caused by Covid lockdowns in China.
In the second quarter, Tesla produced more than 258,000 vehicles and delivered more than 254,000 vehicles despite ongoing supply chain challenges and factory shutdowns "beyond our control," the company said Saturday.
The 254,695 deliveries in the second quarter were up 26.56 percent from 201,250 in the same period last year and down 17.85 percent from 310,048 in the first quarter.
It was the first quarterly decline in Tesla's deliveries since the second quarter of 2020 and below the 261,181 units expected by analysts in a Bloomberg survey.
Notably, the company highlighted that June was the highest month in Tesla's history for car production, suggesting that its deliveries are expected to rebound significantly in the following quarters if there are no surprises.
The decrease in Tesla's deliveries was apparently due to the shutdown of one of its most important production facilities, Giga Shanghai, due to Covid lockdown.
Giga Shanghai is located in Lingang in Shanghai's Pudong New Area, an area that went into lockdown on March 28 until June 1 when travel restrictions were lifted for residents.
Tesla's Shanghai plant halted production when the lockdown began and resumed limited production on April 19, only to return to 100 percent capacity utilization in early June.
The Shanghai plant shutdown dealt a serious blow to Tesla's deliveries in China, with the company selling just 1,512 China-made vehicles in April and producing 10,757, according to data previously released by the China Passenger Car Association (CPCA).
In May, Tesla sold 32,165 China-made vehicles, and the Shanghai plant produced 33,544 in May, according to the CPCA.
Tesla's China-made vehicle sales in June are expected to be known in the coming days.
Globally, Tesla delivered 238,533 Model 3/Y vehicles, or 93.65 percent of total deliveries, and 16,162 Model S/X vehicles, or 6.35 percent of total deliveries, in the second quarter.
Tesla produced 242,169 Model 3/Y vehicles and 16,411 Model S/X vehicles in the second quarter. Its Shanghai plant only produces Model 3 and Model Y vehicles.
Tesla will announce its financial results for the second quarter after the market closes on Wednesday, July 20, the company said.
At that time, Tesla will issue a brief advisory with a link to the second-quarter update, which will be posted on Tesla's investor relations website.
Tesla management will hold a live webcast question and answer session at 4:30 pm US Central time (5:30 pm Eastern Time) that day to discuss the company's financial and business results and outlook.
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