Tesla beats estimates with less-drastic drop in vehicle sales
BNN Bloomberg
Tesla Inc. reported its second consecutive drop in quarterly deliveries, though Chief Executive Officer Elon Musk took measures to stem the decline.
The carmaker said Tuesday that it delivered 443,956 vehicles in the second quarter, better than the 439,302 average analyst estimate. While sales were down 4.8% from a year ago, Tesla improved on a sequential basis from the 386,810 vehicles delivered in the first three months of the year.
The company produced 410,831 vehicles during the quarter. Its shares climbed as much as 4.8% before the start of regular trading.
Tesla has had a tumultuous year. Musk announced major staff reductions in April and pushed internally to reduce headcount by as much as a 20%. The job losses have included sales employees, which may have played a role in weaker sales figures. The EV maker’s first new model in years, the Cybertruck, also has been slow to ramp up.
