Tesla Inc (NASDAQ: TSLA) opened 4.0% down this morning after the leading U.S. electric cars manufacturer said it delivered less-than-expected vehicles in its recent quarter.
Tesla Inc blames supply constraints
The EV giant delivered 254,695 vehicles in its fiscal second quarter, missing the FactSet consensus of 256,520 deliveries. Tesla blamed supply constraints for the hit to its quarterly deliveries.
The figure was up from 201,250 deliveries in the same quarter last year but down 17.9% sequentially. The American multinational produced 258,580 vehicles in total this quarter.
According to Tesla Inc, resurgence of COVID weighed on production in China and the ongoing war in Ukraine added to the supply constraints in its recent financial quarter. Last month, CEO Elon Musk also warned the Austin and Berlin giga factories were losing “insane money”.
GLJ Research CEO reacts to the report
The Nasdaq-listed company, however, remains committed to increasing manufacturing capacity and has guided for the vehicle deliveries to climb 50% (average annual growth) over the next few years.
Expressing disappointment in the deliveries report, Gordon Johnson – a renowned Tesla bear said on CNBC’s “Squawk Box”:
Tesla has lost its product edge. There are competitors out there with better real-world range, better interiors, similar or better charging speed, and better quality. Consumer reports rate Tesla second to last in quality. So, delivery number down is a big problem for the bulls.
The Texas-based company is also losing market share in both China and Europe.
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