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Tesla’s Bumpy Quarter Might Be About More Than Lockdowns in China

The smooth acceleration shown by Tesla in the past two years faltered in the second quarter. Chief Executive Elon Musk has offered hints that the problems run deeper than lockdowns in Shanghai.

On Saturday, Tesla reported quarterly deliveries of 254,695, down from 310,048 in the first three months of the year. The news came as no great surprise given the pandemic-related shutdowns that affected its Shanghai factory in April and May. The final tally was slightly below consensus expectations of 264,000, according to FactSet.