Tesla (TSLA.US) is down over 1.50% ahead of the US cash session opening. Investors are anticipating Tesla's quarterly vehicle delivery report for the April-June period, which is expected to be released today.
Despite yesterday's gains following better monthly reports from Chinese competitors, today's equally strong report from BYD (the largest Chinese competitor) raises valid concerns among investors about increasing competition in this market. Tesla is expected to report a 6% drop in vehicle deliveries for the April-June quarter. This will be the first time the American company posts two consecutive quarters of decline, as it struggles with significant competition in China and slow demand due to the lack of affordable new models. If today's results are worse than expected, Tesla may deliver fewer vehicles than BYD. Barclays predicts an 11% drop in second-quarter deliveries, the largest in Tesla's history.
BYD Deliveries
In the second quarter, China's BYD recorded a 21% increase in electric vehicle sales, reaching 426,039 units, about 12,000 fewer than Tesla's estimated deliveries for the same period. This growth indicates that BYD is closing the gap with Tesla. BYD's consistent growth contrasts with Tesla's expected 6% drop in vehicle deliveries for the April-June quarter, marking the first time Tesla is set to report two consecutive quarters of decline.
Source: xStation 5
Market wrap: European stocks attempt to stabilize despite the surge in oil prices ๐
Chubb to insure ships crossing the Strait of Hormuz ๐ฝ What does it mean for the company?
Rheinmetall earnings: Formidable growth, but the market expected more
From Dependence to Control. Metaโs Development of Proprietary AI Chips
