Tesla shares rise on strong sales report | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Tesla shares shot up 5% after it reported stronger-than-expected quarterly sales

The EV company reported record sales of 466,000, nearly double the 255,000 it delivered in the year earlier quarter when sales were depressed from Covid-related lockdowns in China. The quarterly sales represented nearly 100,000 more than Tesla sold in all of 2019, the year before the pandemic. The second-quarter sales rose 10% from the first quarter. The second quarter also topped the 447,000 sales consensus from Wall Street analysts.

Tesla CEO Elon Musk told investors in April that the cuts were generating increased demand for its cars, and that it now had more demand than its capacity to produce them But the lower prices have also squeezed earnings, and the second-quarter sales results marked the fifth-straight period in which Tesla produced more vehicles than it has delivered to customers. The company built nearly 480,000 vehicles in the quarter.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla delivered a record number of cars last quarter, beating expectations | CNN BusinessTesla beat expectations in the second quarter of 2023, announcing Sunday it produced nearly 480,000 vehicles and delivered over 466,000.
Source: CNN - 🏆 4. / 95 Read more »

Tesla smashed it last quarter but China's BYD did even better | CNN BusinessBYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles.
Source: cnni - 🏆 326. / 59 Read more »

Tesla Sales Soar, But Analyst Forecasts Challenging Business ConditionsTesla hasn't launched any new models in a long time, which could impede its growth, as per Bernstein analyst
Source: InsideEVs - 🏆 579. / 51 Read more »

#TwitterDown: Elon Musk announces temporary read limits on Twitter | CNN BusinessElon Musk says Twitter has applied 'temporary limits' after thousands of users reported problems accessing the platform and getting hit with 'rate limit' error messages
Source: cnni - 🏆 326. / 59 Read more »