The electric carmaker said completed sales fell nearly 18% to around 255,000 vehicles in the second quarter from the first three months of the year. Production fell 15% to 259,000.
The company’s statement says the issues Tesla faced in the first few months of the quarter are now mostly behind it.
“Despite ongoing supply chain challenges and plant closures beyond our control, June 2022 was the highest vehicle production month in Tesla’s history,” he said.
Still, it’s the first time since the start of 2020 that the company has seen a drop in sales or production from the previous quarter. Let the sales go down was also due to lockdowns associated with the world’s first Covid outbreak.
Such declines have been rare in the fast-growing company. Even with the drop in production and sales compared to the first quarter By 2022, both metrics were up from prior year levels, with the company seeing a 25% increase in production and a 27% increase in shipments.
Analysts polled by Refinitiv expected the company to post a 46% increase in revenue in the quarter compared to a year ago, and a 51% increase in adjusted revenue. The more modest increase in year-over-year sales could temper those expectations and put further pressure on the company’s share price. Tesla shares have fallen 35% so far this year.