Q3 tesla deliveries plus#
On the plus side, the new plant in Germany has finally opened, albeit later than scheduled, but this should help Tesla boost its production levels, against a backdrop of rising costs and chip shortages.
With both Q1 and now Q2 deliveries hit by supply disruptions, Tesla could struggle to hit its 1.3m delivery target for this year, if the supply chain disruptions continue, and the economy slows due to higher interest rates. Having delivered 936,172 vehicles in 2021, the hope is that 2022 will push that total strongly above the 1m mark, to over 1.3m. This slowed during Q2 to 254,000 deliveries, due to higher costs, as well as supply chain disruptions, caused by events in China. Despite these concerns, Tesla was able to report record revenue and profit in Q1, of $18.76bn and $3.3bn respectively, helped by a big improvement in gross margins to 32.9%, up from 30.6% in Q4. Tesla posted a record annual profit of $5.5bn, but warned that supply chain problems were likely to be a headwind moving into 2022. When Tesla reported in Q4, it drew down the curtain on a record year for the electric vehicle company. I wouldn’t be surprised to see 9.5%, which would increase the pressure on the Bank of England to raise interest rates by 50bps in August. Expectations are for a rise to 9.2%, however we could go even higher if last week’s big spikes in the US are any guide. This rather begs the question, what level of inflation would justify a more forceful response? By comparison, the US central bank is set to raise rates by another 150bps by September, in response to a lower inflation problem.Ī lot of the increase in CPI is now starting to manifest itself in higher gas, electricity, and petrol prices, which accounted for over 4% of the increase in May and looks set to continue in June.
This raised a few eyebrows given its pledge at the most recent meeting to act “forcefully” on inflation if necessary.
Q3 tesla deliveries upgrade#
The headline CPI number is predicted to increase further in the coming months, with the Bank of England expecting a peak at an eye-watering 11% by year end, an upgrade from its previous 10% estimate. The old inflation measure of RPI rose to 11.7%. Despite the slide in core prices, every other measure, including RPI and PPI, showed little sign of a slowing in underlying price pressures, with PPI input prices jumping above 20%, and increasing further in May to a new record of 22.1%.
May’s consumer price index (CPI) data saw headline CPI post another record high of 9.1%, although core prices slipped back to 5.9%. Our top three events (18-22 July) UK CPI (June) – Wednesday 20 July Closer to home, Royal Mail and Ocado also unveil their latest numbers. US earnings season continues with updates from Bank of America, Goldman Sachs, Tesla, and Netflix. Look out for a potentially market-moving week, with a host of key economic indicators and earnings, including the latest inflation data for the UK and eurozone, ahead of the ECB rate meeting. Read our preview of key economic and corporate events in the week commencing 18 July 2022, and view our company earnings schedule.
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