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Tesla posts a rare decline in sales in the second quarter

New York (CNN Business)Covid blockade in China rarely reduces Tesla production and sales in the second quarter Did.

Electric vehicle manufacturers report that vehicle sales in the second quarter fell by nearly 18% to about 255,000 units compared to the first three months of the year. .. Production was down 15% to 259,000. The company'sfactory in

Shanghaiwill be closed for several weeks in April due to the city'sblockade ruleaimed at combating the surge in Covid incidents. it was done. The problem of getting parts from Tesla's suppliers also limited Tesla's production even after the factory was reopened. According to Dan Ives, a technical analyst at Wedbush Securities, the blockade could bring Tesla's production to about 70,000 units this quarter.

According to the company's statement, the problems Tesla faced at the beginning of the quarter are now almost behind.

"Despite ongoing supply chain challenges and factory closures beyond our control, June 2022 was the best car production month in Tesla's history." It said.

Tesla does not publish a geographic breakdown of sales in its monthly sales and production reports. According to the company's filing, only 45% of last year's sales came from US sales. Industry-wide car salesin most parts of China have stoppedfor most of the quarter due to the blockade. Most of Tesla's non-US sales came from vehicles manufactured in Shanghai.

Still, it was the first time since early 2020 that the company had either sales or production declines compared to the previous quarter. The decline in saleswas also due to the blockade associated with Covid's early global outbreaks.

Such declines are rare in fast-growing companies. Despite lower production and sales compared to the first quarter of 2022, the company increased production by 25% and deliveries by 27%, so both measurements are for the previous year. Increased from the level of.

Analysts surveyed by Refinitiv expected revenues for the quarter to increase 46% compared to a year ago and adjusted profits to increase 51%. A gradual increase in sales year-on-year could ease these expectations and put more pressure on the company's stock price. Tesla's share has fallen 35% so far this year.

The company opened two new factories this quarter. One is in Germany and the other is in Texas. However, due to problems with increased production at these plants,production at these plants was "small"in the first two months of the quarter, Tesla CEO said. Elon Musk said in a recent interview.