Tesla (TSLA) soars on Q2 2024 deliveries beat, record energy storage deployments

Tesla has announced its Q2 2024 production and delivery figures, and not only did they beat Wall Street estimates, the company also reported the highest number of energy storage deployments, more than doubling the previous record.

Q2 2024 Deliveries

In a press release on Tuesday morning, Tesla said it delivered 443,956 vehicles around the world between April and June. This figure exceeded Wall Street estimates, which had pegged Tesla for around 438,000 deliveries for the second quarter of the year.

This was a 15% increase in deliveries compared to the first quarter of the year, when Tesla delivered 386,810 vehicles in the first three months of the year. It was however down slightly, 4.75%, compared to the same quarter last year.

According to Tesla, the majority of those deliveries were the Model 3 and Model Y, accounting for 422,405, or 95% of the total figure. The Cybertruck, Model S, and Model X made up the remaining 5%, with 21,551 deliveries.

Q2 2024 Production

Along with the deliveries beat, Tesla also delivered more vehicles than it produced in the second quarter, helping to ease some of the inventory that had accumulated over the last few quarters. In Q2 2024 Tesla produced 410,381 vehicles.

Q2 2024 Energy Storage Deployments

Tesla now also includes energy storage deployments in its quarterly announcement, and in Q2 the company deployed 9.4 gigawatt-hours (GWh). This is more than twice the number of deployments in the first quarter of the year, which by itself was a record, and its highest quarterly number ever.

The positive quarterly results have boosted Tesla (TSLA) share prices, currently trading up nearly 10% at the time of publication at nearly $230 per share.

Tesla will post its financial results for Q2 2024 after market close on Tuesday, July 23, 2024. Later that afternoon Tesla will hold their live question and answer webcast at 4:30 p.m. CT (5:30 p.m. ET/2:30 p.m. PT)

What: Date of Tesla Q2 2024 Financial Results and Q&A Webcast
When: Tuesday, July 23, 2024
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q2 2024 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)

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