![]() ![]() Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. ![]() Your CNN account Log in to your CNN account But problems ramping up production at those factories meant the output at those plants was “puny” in the first two months of the quarter, Tesla CEO Elon Musk said in a recent interview. The company opened two new plants in the quarter, one in Germany and another in Texas. Shares of Tesla have fallen 35% so far this year. The more modest increase in year-over-year sales could temper those expectations, and put further pressure on the company’s share price. Sean Gallup/Getty ImagesĮlon Musk says he's worried about keeping Tesla out of bankruptcyĪnalysts surveyed by Refinitiv had been expecting the company to post a 46% increase in revenue in the quarter compared to a year ago, and a 51% jump in adjusted income. The new plant is producing the Model Y as well as electric car batteries. ![]() The new plant, officially called the Gigafactory Berlin-Brandenburg, officially opened on March 22 with an event with German Chancellor Olaf Scholz and Tesla CEO Elon Musk. In this aerial view, newly completed Tesla Model Y electric cars stand at the new Tesla Gigafactory electric car manufacturing plant on Manear Gruenheide, Germany. Even with the falloff in production and sales compared the first quarter of 2022, both measures were up from year ago levels, as the company posted a 25% increase in production and a 27% increase in deliveries. Such drops have been rare at the fast growing company. That sales decline also was due to the lockdowns associated with the early global outbreak of Covid. Still, it marked the first time since early 2020 that the company experienced a drop in either sales or production compared to the previous quarter. Most of Tesla’s non-US sales came from vehicles built in Shanghai. Industrywide car sales in much of China ground to a halt during much of the quarter due to the lockdowns. Only 45% of its revenue last year came from US sales, according to company filings. ![]() Tesla does not release the geographic breakdown of sales in its monthly sales and production report. “Despite ongoing supply chain challenges and factory shutdowns beyond our control, June 2022 was the highest vehicle production month in Tesla’s history,” it said. The company’s statement said the issues Tesla faced in the early months of the quarter are now mostly behind it. The lockdowns likely cost Tesla production of about 70,000 vehicles in the quarter, according to Dan Ives, tech analyst for Wedbush Securities. Problems getting parts from Tesla suppliers also limited Tesla’s production even after the plant reopened. The company’s factory in Shanghai was shut for several weeks in April due to lockdown rules in the city aimed at combating a surge in Covid cases. The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter. ![]()
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