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Tesla (TSLA) announces just over 250,000 deliveries – first down quarter in a long time – Electrek

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Tesla announces its second quarter (Q2) 2022 production and delivery results today and confirmed just over 250,000 deliveries – its first down quarter in a long time.

While most of the auto industry saw a significant decline in deliveries in 2020 due to the pandemic and subsequent chip shortage, Tesla managed to grow at an impressive rate.

In fact, Tesla had 9 quarters of delivery growth in a row since 2020. That makes the company completely unique in the auto industry for volume producers.

The automaker managed to navigate both restrictions and limitations due to the pandemic and pivot to alternatives to avoid the bulk of the chip shortage.

It’s not like Tesla was completely unaffected, it was a difficult time, but its quarterly didn’t show it.

In Q2 2022 , it finally caught up to the automaker as COVID-19 restrictions in Shanghai forced the automaker to shut down its factory for a significant part of the quarter.

Most industry analysts put Tesla’s Q2 delivery estimates between 250,000 and 270,000 units – or about 50,000 units down from the previous quarter, which was an all-time high.

Tesla Q2 2022 Production and Delivery Results

Today, Tesla released its production and delivery results for the second quarter of 2022 and confirmed that the estimates were mostly right.

The automaker confirmed 254,695 deliveries during the quarter and production of 258,580 vehicles:

  Production Deliveries Subject to operating lease accounting
Model S/X 16,411 16,162 12%
Model 3/Y 242,169 238,533 3%
Total 258,580 254,695 4%

In a brief press release for the results, Tesla confirmed the “supply chain challenges and factory shutdowns” resulted in its first down quarter in 2 years.

Interestingly, Tesla also mentioned that June 2022 was the company’s best month ever for vehicle production:

“In the second quarter, we produced over 258,000 vehicles and delivered over 254,000 vehicles, despite ongoing supply chain challenges and factory shutdowns beyond our control. June 2022 was the highest vehicle production month in Tesla’s history.”

We reported that Tesla recently managed to impressively ramp up production at Gigafactory Texas. The automaker is also increasing production capacity at every single one of its production facilities.

Tesla is aiming to have 4 factories with each a production capacity of over half a million vehicles per year within the next 12 months. That’s more all-electric vehicles than any other automaker can produce.


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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press. All rights reserved.

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

The Canadian Press. All rights reserved.

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

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TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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