Tesla just posted its second-quarter vehicle production and deliveries report for 2023.
CEO Elon Musk's electric vehicle maker offered some discounts and other incentives to boost sales of its cars in the U.S. during the quarter, including on its Model 3 entry-level sedan, and more recently, its older Model X SUV and Model S flagship sedan, which represent a small percentage of overall sales for Tesla currently.
Piper Sandler senior research analyst Alexander E. Potter wrote in a note on June 26, that according to the firm's analysis, "Prices have been stable," for Tesla during the second quarter on balance. The company's steep discounts in and beyond China in the first quarter sparked cries of a "price war" in the electric vehicle market. Potter cautioned that "Price cuts in Q3, if any, could reignite concern re: margins," for investors.
In March, Musk announced that Tesla plans to build a new factory near Monterrey, Mexico, a day's drive from its Austin, Texas factory. AfterIndia Prime Minister Narendra Modi in New York in June, Musk said Tesla was also looking to invest in India "as soon as humanly possible," too. The company is expected to begin selling a partly revamped version of the Model 3 in North America this year. At an, Musk also said Tesla will deliver its first Cybertruck pickups in 2023 and is developing a new kind of drive unit and other technology that should allow it to deliver a more affordable electric vehicle in the future.
Anticipation for newer and more affordable models could continue to put pressure on sales, along with rising competition, especially in China.ahead of the second-quarter deliveries report: "Please advise people to be wary of margin loans. Tesla has always been a high variability stock, often with no obvious rhyme or reason. We are confident about long-term value creation, but cannot control the manic-depressive nature of the stock market."CNBC's Ashley Capoot contributed reporting.
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