The firm included an update on car delivery growth, rooftop solar installation growth, Supercharger expansion, service center development, mobile service fleet growth, and more in its 2nd quarter report, which was just issued. After looking at Tesla’s second quarter financials, let’s examine these other issues.
Tesla Model 3 and Model Y production and deliveries increased by 19% year over year in the second quarter of 2022 compared to the second quarter of 2021. That’s not the 50% growth Tesla is used to and depending on, but lockdowns in Shanghai and other supply and logistics challenges on a worldwide scale seriously hampered Tesla’s production goals. Additionally, the growth that offers Tesla 50% growth annually is typically not a steady ramp; rather, it is step-change growth. Production will significantly increase when Tesla’s new plants ramp up, helping it to reach those higher yearly growth ambitions. Let’s save this and return to it once the third quarter figures are out.
In this instance, the YoY increase in deliveries was practically identical to 20 percent.
TESLA MODEL S ANDAMP; MODEL X PRODUCTION ANDAMP; DELIVERIES On the other hand, the Model S and Model X had tremendous growth, with a production increase of 601 percent and a delivery increase of 753 percent! Nevertheless, the situation was peculiar, and S andamp; X sales are still so small in comparison to 3 andamp; Y sales that their expansion is only marginally significant. The problem with the Q2 2021 numbers is that due to production delays and interior revisions, S andamp; X production was almost completely stopped. Production and delivery increased dramatically, going from a few thousand in Q2 2021 to over 16,000 in Q2 2022.
Overall, Tesla saw a 25% increase in car production and a 27% increase in vehicle deliveries as a result of the large percentage growth but restricted volume growth compared to the moderate 3 andamp; Y growth noted above.
THERMAL STORAGE USING TESLA SOLAR
The growth of Tesla solar installations increased by a comparable amount last quarter. Tesla solar roof deployment increased by 25% year over year in terms of megawatts. In actuality, that was the largest quarter of solar PV growth for Tesla in a very long time.
Interestingly, though, Tesla’s installed numbers for stationary energy storage decreased from the previous year (-11 percent in Q2 2022 versus Q2 2021).
TESLA STORES, SERVICE CENTERS, ANDAMP; MOBILE SERVICE FLEET While some people were worried that Tesla service would struggle to keep up with demand as the company’s sales grew, the firm is actually outperforming expectations in this area. However, the Tesla mobile service fleet—which is frequently what repairs Tesla vehicles—was up a solid 33 percent. Tesla stores and service centers were up 19% YoY. These days, I don’t think maintaining Tesla cars presents a substantial challenge, and this helps to explain why.
TESLA SUPERCHARGERS The expansion of Tesla Superchargers follows the expansion of the Tesla mobile fleet ( gotta have somewhere to charge those fleet vehicles ). Over the previous year, they increased by 34%.
There are currently about 4,000 Tesla Supercharger sites, up from little more than 1,000 in Q1 2018. Up to 36,000 supercharger connections (ports) are available.
All of that is TESLA FSD BETA hardware development. Let’s finish up with a software issue. How much mileage is the Tesla FSD Beta increasing? More than 100,000 Tesla vehicles have FSD Beta installed as of this writing, and FSD Beta mileage increase is increasing. Tesla has now traveled more than 35 million miles with FSD Beta.
In the upcoming days, we’ll go through a few additional points from Tesla’s quarterly shareholder letter and conference call.
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