Tesla Leases Jump 300% Year Over Year

Tesla Motors leased 631 Model S cars through its direct leasing program in the second quarter, up from 158 cars at the same time last year.

Granted, the big increase was from a small base, but that was a 299.4% year-over-year increase, according to financials released Wednesday. The number of vehicles directly leased in 2Q was also up from 592 Model S cars in 1Q.

Despite the consecutive quarterly increase in number of vehicles financed, the aggregate value of financed vehicles fell to $63.1 million from $63.4 million in the first quarter. In a letter to shareholders, Tesla attributed the decline to a product mix shift away from P85D — the company’s most expensive version listed at $87,500 after incentives.

Meanwhile, Tesla’s certified pre-owned program has earned $20 million of revenue since its launch in April, according to the carmaker. Though optimistic about the program, Tesla Chief Executive Elon Musk declined to predict its future performance.

“We don’t have to make the [CPO] cars, so we’re essentially getting a commission on selling the car, and it’s very capital-efficient,” Musk said. “So, I think there’s some upside potential there, but nothing we want to make predictions on until we have more of a history.”