All good things must come to an end. In its second-quarter earnings report released over the weekend, Tesla (TSLA, $681.79) broke the news that its two-year streak of quarterly increases in vehicle deliveries is over.
The EV-maker delivered 254,695 cars globally in Q2 2022, missing analyst expectations of 261,181. Last quarter's deliveries were below the record 310,048 deliveries Tesla made in Q1 2022 but still well above the 201,250 deliveries it made in Q2 2021.
Despite today's delivery numbers representing a 17.9% decrease from last quarter's numbers, Elon Musk's electric vehicle venture still reported sales growth of 26.5% year-over-year.
Tesla blamed "ongoing supply chain challenges and factory shutdowns beyond our control" for the deliveries hiccup, more specifically a Covid-related shutdown at one of its factories in Shanghai. In addition to factory lockdowns, supply chain constraints related to the current Russia-Ukraine conflict also affected Tesla and many other automakers' production during the quarter.