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China shutdowns hurt Tesla Q2 delivery

Tesla (TSLA) disclosed its production and delivery numbers for Q2 2022, which were broadly in line with market expectations.

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In Q2, Tesla produced 258,580 vehicles, of which 254,695 were delivered. Deliveries, heavily watched by the industry as a gauge for sales, were predicted to be in the 250 thousand range after Wall Street analysts’ predictions had been revised downward in recent weeks due to COVID shutdowns in China.

Tesla was predicted to deliver roughly 304 thousand vehicles for the quarter prior to the most recent estimate reductions.

Despite “ongoing supply chain challenges and factory shutdowns beyond our control,” according to Tesla, Q2 production and delivery occurred. Tesla also said June was the “highest vehicle production month in Tesla’s history,” hinting at a potentially successful Q3. This is fantastic news for the market.

It appears Tesla may have finally overcome the problems afflicting the Shanghai giga factory, which was shut down for the most of April and took some time to ramp up to pre-shut down levels.

In the meantime, just weeks after letting go of the country manager in Singapore, Tesla Inc. is increasing recruitment there as part of a larger round of executive job layoffs that CEO Elon Musk disclosed.

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On LinkedIn, the company is recruiting for at least seven positions in Singapore, including a marketing specialist to help with public relations and retail events, a delivery operations specialist, a sales assistant and a project manager for a corporate social responsibility role. Musk estimated that the overall headcount reduction at the EV manufacturer will only be roughly 3.5 percent because hourly staff numbers are still anticipated to increase.