Tesla second-quarter deliveries meet analysts' estimates as chip shortage weighs

REUTERS: Tesla on Friday posted record vehicle deliveries for the second quarter that were in line with Wall Street estimates as the electric-car maker coped with a shortage of chips and relied on sales of its cheaper models.

"It was a solid quarter to volume wise, but I view it as a modest disappointment," Garrett Nelson, an equity analyst at CFRA Research, said. The numbers showed that strong deliveries of its Model 3 sedans and Model Y crossovers, its two lower priced variants, offset a drop in deliveries of higher-end Model S and X variants.

Overall deliveries of its higher priced Model S and X cars fell to 1,890 during the April to June period, from a meager 2,020 the preceding quarter, Tesla said. In China, a major growth market for Tesla, the company is facing rising competition from local EV companies as well as heightened scrutiny from regulators and the public.

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