"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-03-24T20:52:12Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/03/24/flying-tesla-echo-park-jordan-hook-alex-choi-js-orig.cnn"
data-branding-key="nightcap"
data-video-slug="flying tesla echo park jordan hook alex choi js orig"
data-first-publish-slug="flying tesla echo park jordan hook alex choi js orig"
data-video-tags="california,companies,continents and regions,internet and www,los angeles,north america,social media,southern california,southwestern united states,technology,tesla inc,the americas,united states"
data-details="">
Video Ad Feedback
Did you see the viral flying Tesla? It wrecked this man's car
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-10T17:20:16Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/10/tesla-autopilot-law-enforcement-crash.cnn-business"
data-branding-key=""
data-video-slug="tesla autopilot law enforcement crash"
data-first-publish-slug="tesla autopilot law enforcement crash"
data-video-tags="accidents,accidents, disasters and safety,automotive industry,business and industry sectors,business, economy and trade,companies,crime, law enforcement and corrections,law enforcement,motor vehicles,tesla inc,traffic accidents"
data-details="">
Video Ad Feedback
Watch: Tesla?in 'Autopilot' mode?crashes into police car
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-11-18T11:49:54Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2021/11/17/tesla-3-full-self-driving-mode-test-mc-zw-orig.cnn-business"
data-branding-key=""
data-video-slug="tesla 3 full self driving mode test mc zw orig"
data-first-publish-slug="tesla 3 full self driving mode test mc zw orig"
data-video-tags="automotive industry,business and industry sectors,business, economy and trade,companies,company activities and management,continents and regions,motor vehicles,new york (state),new york city,north america,northeastern united states,product development,product innovation,product management,self-driving cars,technology,tesla inc,the americas,united states,brooklyn,computer science and information technology,software and applications"
data-details="">
Video Ad Feedback
CNN tried Tesla's 'full self-driving' mode on NYC streets. It didn't go great
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-03-15T22:29:18Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/tech/2021/03/15/elon-musk-technoking-tesla-sec-paul-r-la-monica-qmb-vpx.cnn"
data-branding-key=""
data-video-slug="elon musk technoking tesla sec paul r la monica qmb vpx"
data-first-publish-slug="elon musk technoking tesla sec paul r la monica qmb vpx"
data-video-tags="banking, finance and investments,business executives,business figures,business, economy and trade,celebrities,companies,elon musk,financial markets and investing,government organizations - us,labor and employment,richard quest,securities trading,tesla inc,us federal departments and agencies,us government independent agencies,us securities and exchange commission,workers and professionals"
data-details="">
Video Ad Feedback
SEC: Elon Musk officially named 'Technoking of Tesla'
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2020-08-18T12:43:04Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2020/07/30/elon-musk-tesla-ipo-2010-vault-orig.cnn-business"
data-branding-key="vault-by-cnn"
data-video-slug="elon musk tesla IPO 2010 vault orig"
data-first-publish-slug="elon musk tesla IPO 2010 vault orig"
data-video-tags="automakers and manufacturing,automotive industry,banking, finance and investments,business and industry sectors,business figures,business, economy and trade,companies,elon musk,financial markets and investing,financing and stock offering,initial public offering,tesla inc"
data-details="">
Video Ad Feedback
In 2010, Elon Musk had big plans for Tesla. Listen to his predictions
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-03-15T06:38:40Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/03/15/tesla-unveils-new-model-y-lc-orig.cnn-business"
data-branding-key=""
data-video-slug="Tesla unveils new model Y lc orig"
data-first-publish-slug="Tesla unveils new model Y lc orig"
data-video-tags="alternative fuel vehicles,automotive fuels,automotive industry,automotive industry and environment,business and industry sectors,business, economy and trade,california,companies,continents and regions,electric vehicles,motor vehicles,north america,southwestern united states,tesla inc,the americas,united states"
data-details="">
Video Ad Feedback
See Tesla's new Model Y
01:19
Now playing
- Source:
CNN business
New YorkCNN Business
—
Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter.
The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production fell 15% to 259,000.
The company’s factory in Shanghai was shut for several weeks in April due to lockdown rules in the city aimed at combating a surge in Covid cases. Problems getting parts from Tesla suppliers also limited Tesla’s production even after the plant reopened. The lockdowns likely cost Tesla production of about 70,000 vehicles in the quarter, according to Dan Ives, tech analyst for Wedbush Securities.
The company’s statement said the issues Tesla faced in the early months of the quarter are now mostly behind it.
“Despite ongoing supply chain challenges and factory shutdowns beyond our control, June 2022 was the highest vehicle production month in Tesla’s history,” it said.
Tesla does not release the geographic breakdown of sales in its monthly sales and production report. Only 45% of its revenue last year came from US sales, according to company filings. Industrywide car sales in much of China ground to a halt during much of the quarter due to the lockdowns. Most of Tesla’s non-US sales came from vehicles built in Shanghai.
Still, it marked the first time since early 2020 that the company experienced a drop in either sales or production compared to the previous quarter. That sales declinealso was due to the lockdowns associated with the early global outbreak of Covid.
Such drops have been rare at the fast growing company. Even with the falloff in production and sales compared the first quarterof 2022, both measures were up from year ago levels, as the company posted a 25% increase in production and a 27% increase in deliveries.
Analysts surveyed by Refinitiv had been expecting the company to post a 46% increase in revenue in the quarter compared to a year ago, and a 51% jump in adjusted income. The more modest increase in year-over-year sales could temper those expectations, and put further pressure on the company’s share price. Shares of Tesla have fallen 35% so far this year.
The company opened two new plants in the quarter, one in Germany and another in Texas. But problems ramping up production at those factories meant the output at those plants was “puny” in the first two months of the quarter, Tesla CEO Elon Musk said in a recent interview.
