Tesla's second-quarter deliveries beat estimates

STORY: Tesla’s vehicle deliveries fell by a smaller than expected amount in the second quarter.

A report on Tuesday (July 2) showed deliveries were down 5% compared to the same period a year earlier.

It was driven by the electric-vehicle giant’s price cuts and incentives that helped stimulate demand.

Tesla handed over just under 444,000 vehicles in the three months to June 30.

Though that was down from last year, but up 14.8% on the previous quarter.

Analysts had expected a lower number.

The majority of deliveries were made up by the Model 3 and Model Y.

While Tesla sold more than 21,500 units of other models like the Cybertruck and Model S.

Tesla has been involved in a price war with rivals.

Elon Musk’s company has also offered discounts and incentives such as low-interest loans and cheaper leasing plans.

However, Tuesday’s numbers mark the first time Tesla has posted a year-on-year sales fall for a second consecutive quarter.

The update comes on the same day as Chinese rival BYD’s second-quarter report.

It saw EV sales rise by just over a fifth, to close the gap with Tesla as the world’s top electric vehicle vendor.

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