The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production fell 15% to 259,000.
The company’s statement said the issues Tesla faced in the early months of the quarter are now mostly behind it.
“Despite ongoing supply chain challenges and factory shutdowns beyond our control, June 2022 was the highest vehicle production month in Tesla’s history,” it said.
Still, it marked the first time since early 2020 that the company experienced a drop in either sales or production compared to the previous quarter. That sales decline also was due to the lockdowns associated with the early global outbreak of Covid.
Such drops have been rare at the fast growing company. Even with the falloff in production and sales compared the first quarter of 2022, both measures were up from year ago levels, as the company posted a 25% increase in production and a 27% increase in deliveries.
Analysts surveyed by Refinitiv had been expecting the company to post a 46% increase in revenue in the quarter compared to a year ago, and a 51% jump in adjusted income. The more modest increase in year-over-year sales could temper those expectations, and put further pressure on the company’s share price. Shares of Tesla have fallen 35% so far this year.