Hello everyone. For today’s update, we will take a spin through the EV space. While headsets have grabbed the attention in recent months, the EV industry continues to evolve in an effort to find itself. We begin with Neil’s thoughts on Tesla’s latest deliveries numbers. The discussion then turns to Ford’s EV strategy, including quite the odd interview from Doug Field regarding Ford’s transition to EVs.

Let’s jump right in.

Tesla 2Q23 Deliveries

In a press release issued on Sunday, here’s Tesla:

“In the second quarter, we produced nearly 480,000 vehicles and delivered over 466,000 vehicles.”

Here are Tesla's 2Q23 deliveries broken out by model:

Analysts were expecting Tesla to report 445,000 deliveries in 2Q23 so 466,000 is a 5% beat to consensus. In 2Q22, Tesla deliveries were constrained due to COVID lockdowns in China. Backing out that one-time impact, Tesla deliveries were up around 45%. Given recent questions surrounding demand, that will be considered a good growth number.

The following chart shows delivery growth on a year-over-year basis (using a trailing twelve months basis).

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