On July 3, Tesla officially released the second quarter delivery report.
During the quarter, Tesla produced a total of 870,48 vehicles, an increase of 12.9% over the first quarter; the delivery of 95,200 vehicles increased by 51% from the first quarter, breaking the previous record of 90,700 vehicles in the fourth quarter of 2018.
Production and marketing
Specifically, in this quarter, Model S/X production was 14,517 units, compared with 14150 in the previous quarter, production capacity was basically flat; 17650 units were delivered, in addition to this quarter's production, there was also a partial backlog from the previous quarter. Considering the erosion of the mid- to high-end Model 3 to the Model S/X market, in April of this year, the Tesla Model S/X was upgraded to enhance product competitiveness to boost sales. It seems that this strategy is gradually working.
In this quarter, Model 3 production reached 72,531 units, with an average weekly production capacity of 6,044 units, which means that capacity problems are not significant. Since its introduction, Model 3 has always had a high degree of attention. Not surprisingly, this season, Model 3 is still the best-selling midsize luxury sedan in the United States.
In the last quarter, one of the problems faced by Tesla was that a large number of orders could not be delivered. As of March 21 (10 days from the end of the first quarter), only half of the production vehicles were delivered throughout the quarter, in the first quarter. In the final stage of the close, Tesla still has 10,600 cars on the way to delivery. However, Tesla completed the delivery of 95,200 vehicles in this quarter. Although there were 7,400 vehicles in transit at the end of the quarter, it seems that Tesla has become more comfortable for such a large-scale delivery and is gradually coming out of "delivering hell."
The recorded delivery of Tesla reminds me of another thing. According to foreign media reports, Peter Hochholdinger, vice president of production at Tesla's Fremont plant, has resigned and has joined the US startup Lucid Motors as vice president of manufacturing. Previously he was responsible for the production of Model S, Model X and Model 3 at Tesla. It now appears that Tesla has completed a record production delivery record. Is Hochholdinger a success?
Demand
What we have been questioning before is Tesla's demand problem. But the production and delivery volume this quarter is really surprising and performs very well. The official said: This quarter's orders have exceeded our delivery, orders back to the third quarter, we believe we are ready to increase the total capacity and total delivery in the third quarter.
This really boosted confidence. Tesla shares soared 7.19% after the delivery report was released.
In May of this year, Muskair internal mail said that as of May 22, Tesla had already received more than 50,000 new orders in Q2. According to this trend, it is very likely to achieve the delivery of more than 90,700 in the fourth quarter of last year. The record became the highest delivery quarter in Tesla history. At the same time, Musk said that the current weekly production capacity is about 900 units/day, but "Nu Nu Nu" can achieve 1000 units/day.
Obviously, the cow X that Musk had blown was realized.
In order to achieve this delivery, Tesla even pulled other employees to help deliver the vehicle. According to electric, Tesla plans to complete 33,000-3.6 million deliveries in North America and provide bonuses to the sales team. In the end, Tesla completed more than 4.9 deliveries in North America and received revenue at the end of the quarter. To 12,000 new orders.
From this perspective, Tesla's demand seems to be returning. this is good news.
Just yesterday, Ma Chunlei, director of the Shanghai Municipal Development and Reform Commission, said at the press conference of the State Council that the Tesla new energy vehicle project is progressing smoothly and has entered the stage of production equipment installation. It is expected to be put into operation at the end of this year. It can be said that it is double happiness.
Profit?
In the outlook for the first-quarter earnings report, Tesla said it expects to return to profit in the third quarter and significantly reduce losses in the second quarter. But now I am a bit skeptical about this prediction.
In the fourth quarter of last year, Tesla completed the delivery of 90,700 units, including 6,1394 Model 3 and 25,161 Model S/X, creating a positive cash flow for Tesla to drive profitability. Tesla delivered 95,200 units this quarter, creating new production and delivery records, generating more cash flow and greater profitability.
In addition, Tesla wrote in this delivery report: “We have made significant progress in production and delivery operations around the world, achieving cost effects and improving our working capital.” This is very meaningful.