Despite New Gigafactory in China, Tesla’s Global Deliveries Drop 4.8% in Q2, Much Worse Than I Expected

by Wolf Richter
Wolf Street

Hahahaha, that should have been the universal headline.

Tesla announced this morning – under enormous media hoopla and Wall Street hyperbole – that its global deliveries dropped 4.8% in the second quarter of 2020, to 90,650 vehicles. It doesn’t disclose how many of them were delivered in the US.

But this was the second quarter in which Tesla’s Gigafactory in Shanghai was operating and selling vehicles in China, the largest auto market and the largest EV market in the world. And auto sales in China overall are experiencing pent-up demand after the lockdown and a solid recovery.

Yet, all combined, including Tesla’s new production and sales in China, Tesla’s deliveries still fell 4.8% compared to the second quarter last year.

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