The company’s sales figures were 83% more than a year ago, when Tesla produced 258,580 vehicles and delivered 254,695 electric vehicles.
The vast majority of Tesla deliveries in Q2, 446,915 units, were its Model 3 and Model Y vehicles, its more affordable mid-range offerings. It delivered 19,225 units of its Model S and Model X vehicles.
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In an effort to stimulate demand, Tesla reduced prices earlier this year and now aims to achieve a significant annual volume increase of 50%. Despite the negative impact on profits, Tesla stated in April that it had no intention of stabilizing vehicle prices. Elon Musk, the CEO, clarified on Twitter that the price reductions were meant to enhance affordability on a larger scale, rather than initiate a price war.
Tesla reported a substantial rise in overall revenue for the first quarter, primarily due to increased car sales. However, the company experienced a 24% decline in profit during the same period due to price reductions and elevated costs of raw materials and commodities.
Tesla plans to introduce a partially revamped version of the Model 3 in North America later this year, as well as deliver the first Cybertruck pickups in 2023. Musk also mentioned at a shareholder meeting in May that the company is developing a new drive unit and other technologies to facilitate the production of more affordable electric vehicles in the future.
Tesla is scheduled to announce its financial results for the second quarter on July 19.