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Tesla’s Q2 2024 Production and Delivery Totals Fell Year Over Year

Tesla’s Q2 2024 production and deliveries declined year over year but rose from Q1. The company also reported record quarterly energy storage deployments.
From TheFinanceBase Team2 min to read
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Tesla produced 410,831 vehicles and delivered 443,956 in the second quarter of 2024. Both totals were lower than a year earlier, though both increased from the first quarter of 2024. Tesla also reported a record 9.4 GWh of energy storage deployments, a separate measure from vehicle production and deliveries.

What Tesla reported for Q2 2024

Tesla’s July 2, 2024 production-and-delivery release gave exact totals of 410,831 vehicles produced and 443,956 delivered. The company’s rounded description was approximately 411,000 produced and approximately 444,000 delivered.

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Vehicle category Produced Delivered
Model 3/Y 386,576 422,405
Other models 24,255 21,551
Total 410,831 443,956

Model 3/Y accounted for most of both totals. Deliveries exceeded production by 33,125 vehicles during the quarter; those are distinct flow measures, not a direct count of inventory. Tesla’s update separately reported global vehicle inventory at 18 days of supply.

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How the results compare with Q2 2023 and Q1 2024

The description “disappointing” is an editorial assessment of the year-over-year declines, not Tesla’s own characterization. Compared with Q2 2023, production fell about 14.4% and deliveries fell about 4.8%. Compared with Q1 2024, production rose about 5.2% and deliveries rose about 14.8%. These percentage changes are calculated from figures in Tesla’s Q2 2024 update table.

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Measure Q2 2023 Q1 2024 Q2 2024 Q2 year-over-year change Q2 sequential change
Vehicles produced 479,700 433,371 410,831 −14.4% +5.2%
Vehicles delivered 466,140 386,810 443,956 −4.8% +14.8%
Global inventory, days of supply 16 28 18 +2 days −10 days

The inventory figure is a separate company-reported measure; it should not be inferred by subtracting deliveries from production. For the first half of 2024, Tesla said it produced approximately 844,000 consumer vehicles and delivered approximately 831,000, and its Form 10-Q for the quarter ended June 30 discussed the need to expand delivery capability as production grows.

Energy storage was a separate record

Tesla reported deploying 9.4 GWh of energy storage products in Q2 2024, which it called its highest quarterly deployment yet. This figure measures energy storage deployments, not vehicles, and should not be added to vehicle production or delivery totals.

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Do these totals show Tesla’s quarterly financial performance?

No. Tesla cautioned that vehicle deliveries and storage deployments are only two measures of financial performance and should not be relied on as an indicator of quarterly financial results. It said results also depend on factors including average selling price, cost of sales, foreign-exchange movements, and other items to be disclosed in the quarterly filing.

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The July 2 announcement was an operating update, not the complete earnings release. Tesla said it would publish Q2 financial results after market close on July 23, 2024, and then issued its second-quarter financial results announcement on that date.

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