Tesla has recently published its figures for vehicle production and deliveries in the second quarter of 2024.

Highlighted below are the essential statistics:

Total vehicle deliveries in Q2 2024: 443,956 units

Total vehicle production in Q2 2024: 410,831 units

Tesla has surpassed the predictions of Wall Street. Analysts anticipated Tesla deliveries to reach 439,000 between April and June, based on a consensus of estimates aggregated by FactSet Street Account. This quarter’s total deliveries show a 4.8% decrease from the 466,140 reported in the corresponding period last year.

A well-known independent analyst in the Tesla community, Troy Teslike, foretold deliveries of 423,000 for the quarter.

Deliveries represent the closest approximation to sales publicly disclosed by the electric vehicle manufacturer. Tesla categorizes deliveries into two groups — Model 3 and Model Y vehicles, and all other vehicles — without disclosing specific numbers for individual models or particular regions.

Tesla’s present lineup consists of the popular Model Y crossover utility vehicles, Model 3 sedans, the new Cybertruck pickups, along with the Model X SUV and the flagship Model S sedan.

Earlier in April, Tesla noted an 8.5% decline in first-quarter deliveries totaling 386,810, marking the first annual decrease since 2020. Subsequently, a 13% year-over-year revenue drop for the quarter was reported, citing “mainly lower average selling prices.”

The reduction in sales can be partly attributed to temporary factory halts initiated following an alleged arson incident at Tesla’s German factory, as well as shipping delays post Red Sea conflicts, Tesla explained.

However, the decline in sales also coincided with Tesla’s aging vehicle lineup, escalating competition from other electric vehicle manufacturers, particularly in China, and a decline in brand image partly linked to CEO Elon Musk’s controversial behaviors and political declarations as indicated in a recent survey.

Despite a 6% surge on Monday, Tesla stock has faced a 16% decline in 2024.

Throughout this year, Tesla has introduced various discounts and incentives to boost sales.

In China, Tesla is currently promoting a zero-interest loan as an incentive for customers to purchase a Model 3 or Model Y by July 31. As per its 2023 annual filing, Tesla derived around $21.75 billion in revenue from China, accounting for 22.5% of total sales.

Colin Langan, an analyst at Wells Fargo, released a report on Monday indicating the firm’s projection of “diminishing delivery growth due to reduced demand & diminished profits from price reductions.” Langan has advised selling off Tesla shares.

Wells Fargo anticipates a drop in automotive gross margins at Tesla, excluding environmental credits, due to the “likelihood of more price cuts & decreased volumes” in the following months.

Attention will now shift to Tesla’s upcoming second-quarter earnings report later this month and a separate promotional event scheduled for August, where the company plans to unveil its concept for a dedicated robotaxi or “CyberCab.”

—good’s Jordan Novet contributed to this report