Tesla founder Elon Musk made headlines last week for once again proposing to buy a company he had no intention of purchasing—soccer club Manchester United. But while celebrity gossip-style speculation swirls around the richest man on earth, what’s going on back at Tesla?
Here’s our roadmap:
$16.93 billion: Tesla’s Q2 revenues, a 42% increase year over year (YoY), driven by growth in vehicle deliveries and increased average selling price. Still, this figure fell just short of Refinitiv’s $17.1 billion expectations, according to CNBC.
71,358: The number of Tesla Model Y cars that were sold in Q1 2022, representing 41.1% of all electric vehicle (EV) sales, the top vehicle sold. Four of the top 10 EV cars in Q1 were Tesla models.
16.7 million: The number of followers Tesla has on Twitter, much less than Musk’s 103.9 million. Essentially, Musk is the most powerful social media influencer Tesla has at its disposal. While he may be controversial at times, Musk successfully makes the Tesla brand more human and gives consumers more to connect with.
19%: The YoY increase in Tesla’s store and service locations in Q2, rising from 673 to 709. Vehicle deliveries increased 27% YoY, driven by an increase in model S/X production (601% YoY), which led to a 753% increase in S/X delivery.
3 million: The number of Tesla cars manufactured worldwide. After a prolonged COVID-19-induced shutdown, the Gigafactory Shanghai produced its millionth car last week.
25%: How much peak electricity demand has increased in China’s Sichuan province YoY, driven by a record heat wave and the worst drought in more than 50 years, per Bloomberg. The government has ordered factories, including Tesla’s, to shut down through August 25 to reserve power for residents. This could severely impact Tesla’s production, especially if it’s extended.
3.5%: The volume of Tesla’s workforce laid off in June, after Musk said he had a “super bad feeling” about the economy. Many ex-employees were snapped up by EV competitors, but without Tesla’s funding frenzy, those startups are facing layoffs.
$5: The record high US gas prices hit in June. With gas prices rising faster than electricity, EVs now pay for themselves in five to six years. Just one year ago that figure was 10 to 12 years, says Fast Company.
Why we care: Tesla is straddling the very fine line between profitability and loss. Though shutdowns in China will continue to impact the supply chain, the high consumer demand for Tesla may just pull it through.
This was originally featured in in the Retail By the Numbers newsletter. For more retail insights, statistics, and trends, subscribe here.
