Tesla Nearly Sells Out Inventory In This Country As Monumental Q2 Looks More Inevitable
5:04 am ET June 29, 2023 (Benzinga) Print
Tesla, Inc. (NASDAQ:TSLA) seems set for more good news as reports indicate that the electric vehicle manufacturer may have achieved a strong second quarter in Australia, one of several countries where it recently scrapped the option to order either a Model S or a Model X.
What Happened: According to a report by Driven.io, Tesla has nearly sold out its new inventory in the country, with fewer than 20 vehicles remaining available for purchase nationwide.
Earlier this month, Tesla experienced an inventory buildup across all vehicle variants, including the Model 3 rear-wheel drive. However, the recent clearance of inventory can be attributed to the company’s offering of free Supercharging for select Australian models, as well as a discount of A$4,000 on certain vehicle models.
See Also: Everything You Need To Know About Tesla Stock
Why It Matters: This inventory clearance potentially positions Tesla for a significant and record-breaking sales quarter in Australia, as stated in the Driven.io report.
Additionally, weekly vehicle insurance data from China suggests that Tesla could achieve record quarterly sales in that market, which is crucial for the success of the Elon Musk-led company.
Tesla is expected to announce its global second-quarter delivery figures on July 2. Gary Black from Future Fund anticipates that Tesla will report record quarterly sales of 450,000 units, surpassing the consensus estimate of 448,000 units.
Price Action: Tesla stock rose 2.41% to $256.24 in premarket trading on Thursday, according to Benzinga Pro data.
Bullish
