Tesla announced on Tuesday that its vehicle deliveries decreased by a smaller than anticipated 5 percent in the second quarter compared to the same period last year, a result of the electric-vehicle manufacturer's price reductions and incentives aimed at boosting demand.
The world's leading automaker saw its shares increase by 4.5 percent in pre-market trading, following a 15.5 percent decline in value so far this year. The company delivered 443,956 vehicles in the quarter ending June 30, which is 4.8 percent less than the previous year but a 14.8 percent rise from the prior quarter.
According to a survey of 12 analysts by LSEG, Wall Street had forecasted an average of 438,019 Tesla deliveries. The automaker distributed 422,405 units of the Model 3 and Model Y, along with 21,551 units of other models including the Model S sedan, Cybertruck, and Model X premium SUV. Tesla produced a total of 410,831 vehicles in the April-June timeframe.
Tesla, which initiated an electric vehicle price war over a year ago, has also implemented discounts and incentives like low-interest loans and reduced leasing rates in the U.S., China, and Europe, which have negatively impacted its profit margins.
