Tesla Revenue Doubles Outside US and China

Tesla’s revenue from international markets outside of the United States and China more than doubled in the second quarter.

Although the U.S. remains Tesla’s biggest source of sales, revenue in the country has plateaued in the past couple of quarters, Bloomberg reported Monday, citing a regulatory filing by the maker of electric cars. But it is now selling more vehicles than ever in markets outside the U.S. and China.

The company’s revenue from international markets leaped from $3.53 billion in the second quarter of 2022 to $7.86 billion in the second quarter of this year, according to Tesla’s Form 10-Q filed with the Securities and Exchange Commission (SEC).

“Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25 billion in a single quarter,” Tesla said in a Q2 2023 Update. “We are excited that we were able to achieve such results given the macroeconomic environment we are currently in.”

These past weeks saw Tesla begin taking orders in Malaysia and participating in a motorsports festival in the United Kingdom, further proving its dedication to expanding the brand across the world, according to the Bloomberg report.

The coming quarter will see a slight production slowdown as the factories are scheduled for upgrades, the report said.

Tom Narayan, lead equity analyst of global autos at RBC Capital Markets, said in the report that “choppiness” in production is likely to weigh on Tesla’s stock as the automaker may have reached a “local maximum” on the two models that accounted for 97% of its deliveries in the first half of the year.

The report comes about six weeks after Tesla received a $3 billion boost thanks to deals inked with General Motors (GM) and Ford. Both automakers agreed to adopt Tesla’s North American Charging Standard (NACS) for electric vehicles, making it the primary network in the country.

That the three top electric vehicle sellers in the North American market, together accounting for 70% of current sales in the United States, have agreed on a standard for charging hardware makes Tesla’s network the de facto primary electric vehicle network in the country.