Tesla’s second-quarter deliveries
In the second quarter, Tesla (TSLA) delivered ~40,740 total car units to its customers. Tesla delivered ~10,930 units of Model S, 11,370 units of Model X, and 18,440 units of Model 3. The total deliveries reflected a massive increase of 85% on a YoY (year-over-year) basis and 36% on a sequential basis. The company delivered 29,997 car units the previous quarter.
Tesla’s electric vehicles ruled the US market in June
In the second quarter, Tesla’s Model X deliveries exceeded the deliveries of its Model S for the first time. While Model X deliveries witnessed a 13% sequential increase, Model S deliveries fell 7%.
According to the estimated data compiled by cleantechnica.com, the Model 3, Model X, and Model S were the top three selling vehicles in the United States in June. In June 2017, General Motors’ (GM) Chevrolet Volt Plug-In Hybrid and Chevrolet Bolt EV were in the third and fourth positions, respectively, on the list based on their US sales volume (XLY). In June, the Chevrolet Volt and Chevrolet Bolt fell to the eighth and ninth positions, respectively, on the US top-selling electric vehicle list.
Production in 2018
In 2018, Tesla plans to deliver 100,000 units of Model S and Model X without any notable change from 2017 due to battery cell related supply-chain constraints. To be able to deliver 100,000 Model S and X cars in 2018, Tesla needed to maintain an average of 25,000 units per quarter—much higher than 21,815 units and 22,300 units delivered in the first and second quarters, respectively.
Tesla only produces all-electric vehicles. Currently, the company delivers three vehicles—Model S, Model X, and Model 3. However, Tesla’s vehicle lineup is still bigger than its peers’ all-electric vehicle lineup including General Motors, Ford (F), and Fiat Chrysler (FCAU).
Next, we’ll discuss how Tesla’s valuation multiples look after its second-quarter deliveries and production data.
As of July 10, Tesla’s 12-month consensus target price was $290.32, which was already ~10% lower than its market price of $322.47.
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