In Tesla’s 2nd quarter report released a few hours ago, the company provided an update on vehicle delivery growth, rooftop solar installation growth, Supercharger growth, service center growth, mobile service fleet growth, and more. Now that we’ve explored Tesla’s 2nd quarter financials, let’s look at these other matters.
Tesla Model 3 & Y Production & Deliveries
Year over year, Model 3 & Model Y production were up 19% in the 2nd quarter of 2022 compared to the 2nd quarter of 2021. That’s not the 50% growth Tesla is used to and counting on, but lockdowns in Shanghai threw a big wrench in Tesla’s production plans, as well as some other global supply and logistics issues. Also, it’s generally not a smooth ramp in growth that gives Tesla 50% growth a year; it’s step-change growth. As Tesla’s new factories get ramped up, production will jump a lot, propelling Tesla toward those bigger annual growth targets. Let’s bookmark this and look back at it when we get the 3rd quarter numbers.
The growth in deliveries was almost the same — 20% YoY in this case.
Tesla Model S & X Production & Deliveries
On the flip side, the Model S & Model X saw enormous growth — 601% growth in production and 753% growth in deliveries! That said, it was a quirky scenario and S & X sales are still so low compared to 3 & Y sales that their growth only matters so much. The issue with the Q2 2021 numbers is that S & X production was nearly halted due to the interior redesign and some delays getting production going. Production and deliveries jumped from a couple thousand or so in Q2 2021 to more than 16,000 in Q2 2022.
The net effect of that massive percentage growth but limited volume growth compared with the moderate 3 & Y growth mentioned above is that Tesla had overall vehicle production growth of 25% and overall vehicle delivery growth of 27%.
Tesla Solar & Energy Storage
Tesla solar installation growth was up a similar amount last quarter. In terms of megawatts, Tesla solar roofs grew 25% YoY. In fact, that was Tesla’s biggest quarter of solar PV growth in a long time.
Interestingly, though, Tesla’s stationary energy storage installation figures were down year over year (-11% in Q2 2022 versus Q2 2021).
Tesla Stores, Service Centers, & Mobile Service Fleet
Some have been concerned with how well Tesla service would increase in capacity with Tesla sales, but the company is actually over-performing in this respect. Tesla stores and service centers were up 19% YoY, but the Tesla mobile service fleet (which is often what provides service to Tesla vehicles) was up a strong 33%. I don’t see a significant challenge with servicing Tesla vehicles these days, and this helps to explain why.
Tesla Supercharger growth is on a similar path as Tesla mobile fleet growth (gotta have somewhere to charge those fleet vehicles). They grew 34% year over year.
Tesla Supercharger locations have grown from a bit more than 1,000 in Q1 2018 to around 4,000 today. Supercharger connections (ports) are up to more than 36,000.
Tesla FSD Beta
All of that is hardware growth. Let’s wrap up with one software matter. How much is Tesla FSD Beta mileage growing? There are now more than 100,000 Tesla vehicles with FSD Beta on the road, and FSD Beta mileage growth is … growing. Tesla is up to more than 35 million cumulative miles driven with FSD Beta.
We will explore a few more topics from Tesla’s quarterly shareholder letter and conference call in the coming days.
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