(News Bulletin 247) – The manufacturer specializing in electrics exceeded expectations over the period from April to the end of June, shipping 466,140 cars when analysts only expected 446,000 units.

Tesla volumes have outpaced the market. The famous electric car manufacturer has pledged to maintain a breakneck pace of growth (an increase of almost 50% in its deliveries each year) while competition is proving increasingly tough, especially from Chinese manufacturers .

But for now, Tesla’s race for numbers is keeping its promises. The group announced Sunday evening its deliveries for the second quarter, shipping a total of 466,140 vehicles from the beginning of April to the end of June, an increase of 83% compared to the same period of 2022. And compared to the first quarter of 2023, the increase reached 10%.

Above all, this figure is clearly higher than analysts’ projections, which were counting on deliveries of only 444,000 units.

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The “bears” returned to “hibernation”

Tesla thus appears on the right trajectory to meet its target of 1.8 million vehicles delivered, even if its CEO, Elon Musk, had warned that this forecast was cautious and that the group could approach two million.

On Wall Street at the start of the session, Tesla shares are moving up sharply, by 6.7%, which adds about 48 billion dollars to the valuation of the automotive group.

Wedbush analyst Dan Ives estimated on Twitterthat this publication had marked “a massive outperformance” compared to expectations, which “sends the ‘bears’ (investors who bet on a drop in Tesla, editor’s note) in ‘hibernation mode'”.

“The price drop was a smart gamble for Tesla and delivered significant dividends on the ground, especially for the Chinese market. This quarter was a real trophy for Musk and others,” the analyst continued. .

Since the end of 2022, Tesla has indeed implemented price reductions on its flagship models (Model 3, Model Y, Model S) in China, the United States and Europe.

Sacrificed margins

However, it remains to be seen at what price this increase in volumes took place. The company will publish its financial results on July 19, and at that time the market will be able to dissect the impact on the margins of the company’s pricing policy. In the first quarter, the operating margin had dropped from 19.2% in the first three months of 2022 to 11.4%.

Moreover, the figures published on Sunday evening still show that the automotive group delivers fewer cars than it manufactures, since production stood at 479,700 vehicles, a difference of just over 13,000 units. However, the difference has been reduced compared to the previous quarter (18,000).

In any case, Tesla continues its good stock market ride, recovering 112% over the whole of the year. This progress was recently supported by the announcements of the opening of its system of superchargers for electric vehicles at Ford and General Motors, last week. The two American manufacturers will thus have access to Tesla’s network of “supercharger” stations in 2024.

Quoted by Fortune, the investment bank Piper Sandler estimates that Tesla could add 3 billion dollars in revenue by 2030 and 5.4 billion dollars by 2032 by opening up its “superchargers” to non-Tesla automobiles.

It should also be noted that Chinese rivals of Tesla are well oriented on Wall Street. The ADR (American deposit receipt, certificates of deposit that allow betting on Wall Street on non-American groups) of XPeng, takes 8.5%, that of Nio advances by 4.6%. Both EV makers delivered solid June deliveries, up 15% month on month for XPeng to 8,620 units and 74% for Nio to 10,707 cars.