Jul 5, 2022 - Economy

Tesla EV sales hold up despite COVID lockdowns in China

Estimated number of Tesla vehicle deliveries
Data: Tesla; Chart: Simran Parwani/Axios

Tesla powered its way through a second quarter marked by COVID lockdowns in China, delivering 254,695 vehicles worldwide, up about 27% from a year earlier.

Why it matters: Investors are watching closely to see how demand holds up for Tesla as the economy slows down.

By the numbers: Tesla is now expected to deliver about 1.4 million vehicles for the year, which would be an "impressive" increase of about 50% for the year, Wedbush Securities analyst Dan Ives projected.

  • Tesla's stock rose 2.6% on Tuesday — the first day of trading since the holiday weekend sales report.

Yes, but: Tesla's leadership post in the global electric vehicle race is at risk.

  • Chinese automaker BYD sold 638,157 electric or plug-in hybrid vehicles in the first six months of 2022, outpacing Tesla's 564,743, Axios' Ivana Saric reports.
  • And Ford is gaining ground quickly, having reported a year-over-year EV sales jump of 77% to 4,353 in June, powered by the F-150 Lightning and Mustang Mach-E.
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