Tesla is a company that made 500,000 cars in the whole of 2020, in Q2 this year, they produced 206,421 vehicle and delivered 201,250. With the release of Tesla’s second quarter numbers, we can see just how rapidly the company is ramping it’s production and that’s before the latest two Gigafactories in Texas and Berlin come online.
To put these numbers in perspective, let’s compare to Tesla’s numbers from the same quarter last year to see the year-on-year growth. In Q2, 2020, Tesla produced just 82,272 vehicles and delivered 90,650. This shows a dramatic 150.9% YoY improvement in production, far more than the publicly stated 50% YoY growth targets.
Compared to last quarter, Tesla has grown production from 180,338 to 206,421 and deliveries from 184,800 to 201,250, a large growth in just 3 months. Even in Q4 of 2020, which is traditionally the biggest quarter for automakers, Tesla produced 179,757 vehicles and delivered 180,000. At the time that represented serious growth, but now look like rookie numbers by comparison to Q2 2021.
Tesla break down the Production and Delivery numbers split by Model S and Model X which combined to see 2,340 produced and 1,890 delivered. That’s substantially more than was expected given Model X hasn’t shipped any units in 2021 and the refreshed Model S just started shipping last month.
The majority of Tesla’s sales definitely come from Model 3 and Model Y, which combined to account for 204,081 produced and 199,360 delivered. It is expected that Model Y will outsell Model 3, with a larger total addressable market in the SUV segment.
As Tesla ramps production, and we progress through 2021, it poses the question of what the total annual numbers could look like. With the Q2 2021 numbers, Tesla now has an annual capacity of 825,684, far exceeding the guidance for 750,00. Obviously, they didn’t deliver these numbers in Q1, so the question is, how aggressive is the remaining ramp in the final two quarters of 2021?
Tesla has a number of products on the roadmap, heading to production soon, including the popular Cybertruck, Semi and next-generation Roadster. Tesla also just starting making the RHD version of the Model Y, which is likely to be very popular across a number of RHD markets.
Net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings.