Tesla, Inc.’s June quarter deliveries showed a 27 percent year-over-year increase, in line with expectations but slower than the 68 percent growth seen in the first quarter. The slowdown was due to a 22-day shutdown of the company’s Giga Shanghai plant.
Numbers Mislead
The larger impact of China production has been misunderstood, Loup Fund’s Managing Partner Gene Munster said in a note.
“Tesla’s growth and competitive lead appear to be increasing,” the analyst said.
Ahead of the shutdown, Tesla was producing about 60,000 to 70,000 cars per month in China, the analyst said, citing data from the China Passenger Car Association. CPCA estimates put Tesla’s production at 11,000 cars in April, 34,000 cars in May, totaling 45,000 units during the shutdown as opposed to the 130,000 units it would have normally produced during these two months, he added….