Tesla posted its second quarter vehicle production and delivery report for 2023 on Sunday.

Here are the key numbers from the electric vehicle manufacturer:

Total deliveries Q2 2023: 466,140

Total production Q2 2023: 479,700

About 96% of the deliveries Tesla reported this quarter were for the Model Y crossover and the entry-level Model 3 sedan. The older Model X SUV and the more expensive Model S sedan accounted for less than 5% of deliveries.

Tesla does not break down deliveries by region or individual model.

During the second quarter of last year, Tesla reported 254,695 deliveries, and in the first quarter of 2023, Tesla reported 422,875 deliveries. During the second quarter of 2022, Tesla produced 258,580 vehicles, and in the previous quarter, it produced 440,808 vehicles.

Deliveries are a closely watched number for Tesla shareholders and are the closest approximation of sales that the company has disclosed. Tesla does not break down its deliveries by model or region.

Wall Street had expected Tesla to report deliveries of 445,924 for the period ending June 30, 2023, according to analyst estimates compiled by FactSet-owned Street Account.

An independent researcher who publishes under the handle TroyTeslike expected supplies 448,000 and production of 471,355 vehicles.

CEO Elon Musk’s electric vehicle maker offered some discounts and other incentives during the quarter to boost U.S. sales of its cars, including its entry-level Model 3 sedan and more recently its older Model X SUV and flagship Model S, which currently account for a small percentage of Tesla’s total sales.

Piper Sandler principal research analyst Alexander E. Potter wrote in a June 26 note that “Prices were flat” for Tesla during the second quarter, according to the company’s analysis. The company’s sharp discounts in and outside of China in the first quarter prompted cries of a “price war” in the electric vehicle market. Potter warned that “price cuts in Q3, if any, could reignite investor concerns about margins.

Tesla currently operates vehicle assembly plants in Fremont, California, Austin, Texas, and overseas in Shanghai and Brandenburg, Germany (excluding Berlin). The company also manufactures the Semi, a heavy-duty electric truck, at its battery plant in Sparks, Nevada. Semi deliveries began in December 2022, but Tesla still isn’t producing trucks in high volumes.

In March, Musk announced that Tesla plans to build a new factory near Monterrey, Mexico, a day’s drive from its plant in Austin, Texas. After meeting with Indian Prime Minister Narendra Modi told Musk in New York in June that Tesla was also looking to invest in India “as soon as humanly possible.”

The company is expected to start selling a partially redesigned version of the Model 3 in North America this year. Tan annual general meeting of shareholders in MayMusk also said Tesla will deliver its first Cybertruck sensors in 2023 and is developing a new kind of powertrain and other technologies that should allow it to deliver a more affordable electric vehicle in the future.

Expectations for newer and more affordable models could continue to put pressure on sales, along with increasing competition, especially in China.

Musk, who is also executive chairman and CTO of Twitter and CEO of SpaceX, he wrote in a tweet ahead of the Q2 delivery report: “Advise people to be wary of margin loans. Tesla has always been a highly volatile stock, often without apparent rhyme or reason. We’re confident in long-term value creation, but we can’t control the manic-depressive nature of the stock market. “

Tesla shares closed at $261.77 on Friday ahead of the second-quarter update.

CNBC’s Ashley Capoot contributed reporting.

This is a developing story, please check back for updates.



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