Tesla Sells 78,000 China-made cars in June, as production surges

Tesla Sells 78,000 China-made cars in June, as production surges ...

Updated at 10:16 am EST

Get Tesla Inc. Reportshares fell on Wednesday despite reports from China showing a solid recovery in June sales, following on from a record month of production for the carmaker in the world's largest auto market.

Tesla sold 78,000 China-made cars last month, up from 32,165 in May, and the highest on record for a clean-energy carmaker. In April, the company's Shanghai factory was shut for 22 days due to a Covid lockdown.

Tesla stated in its second quarter delivery report that June "was the highest vehicle manufacturing month in Teslas history," but the Shanghai shutdown, as well as supply chain disruptions, and chip shortages reduced the company's overall delivery to a lower-than-expected 254,695 new cars.

Tesla said the number of Tesla vehicles dropped to 258,580 from 305,407 produced in the first quarter of last year. However, plans to close factories in Shanghai and Berlin for upgrade work will put the clean-energy company's ability to ramp up output in the September quarter.

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Apple's stock is up due to a tech boost, but Goldman Price is down on a price target.

Oil prices in the United States are plummeting under $100 as fear of the recession mounts, and gas prices are expected to fall.

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Tesla stocks were 1.7 percent down in early Wednesday trading as they changed hands at $688.80 each, a move that would leave the firm with a year-to-date decline of around 42.6%.

Tesla's second quarter earnings will be released on Wednesday, July 20, with analysts anticipating a bottom line of $1.89 per share on $17.35 billion in revenue.

Following CEO Elon Musk's early-June remarks about a "super-bad" outlook for the world economy, reports of layoffs of its salaried employees in North America are expected to impact heavily on the business' near-term outlook.

Tesla is also facing a significant reduction on its $1.5 billion bitcoin holding, which has dropped around 60% since the end of March.

Tesla's bitcoin carrying costs are variable, but the timing of the purchase suggests a value of around $32,600. That value, of course, increased in the latter half of 2021, when bitcoin reached an all-time high of roughly $67,000, but now looks much more fragile after falling below the $20,000 mark late last month.

Bitcoin prices were last seen trading 1.2 percent lower on the day, at $20,084.65 per, a move that has sent the world's largest cryptocurrency down 58% for the year.

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