Tesla Smashes Delivery Record With 95,200, Stock Up 7%

Tesla Smashes Delivery Record With 95,200, Stock Up 7%

Tesla Smashes Delivery Record With 95,200, Stock Up 7%

JMP's total unit delivery estimate for the quarter is 97,000, "with all of the upside coming from Model 3 volume", Osha said.

Moving more metal won't solve all of Tesla's challenges.

"We believe we are well positioned to continue growing total production and deliveries in Q3", the company said on Tuesday.

In the quarter (April-June 2019), Tesla produced new 72,531 Model 3 sedans and delivered 77,550 of those.

The figures confirm the expectations set by Tesla CEO Elon Musk in an email that surfaced last week.

Tuesday's numbers helped take the sting off a hard first quarter, in which deliveries plunged and the company lost $702 million.

Tesla's first quarter was hurt by logistics issues at global ports and a drop-off in US orders after a tax credit was halved, which spurred concerns that demand for Tesla's electric cars may have peaked.

Despite the positive second-quarter delivery numbers, Wedbush analyst Dan Ives cautioned that "the Street remains sceptical".

Whether this will translate to a profitable quarter is yet to be seen - Tesla has not yet commented on financials.

Tesla did not repeat its prior forecast that it would post a second-quarter loss but return to profit in the third quarter.

Incentives and tax credits in Canada and the US, as well as demand from countries such as Norway and the Netherlands, are giving Tesla a shot at coming close to the record 90,700 cars the company delivered in the last three months of 2018, according to analysts. It will have to average more than 100,000 units per quarter in the second half to reach the low end of the range.

The company previously said it expects to deliver 360,000 to 400,000 vehicles in 2019; judging by these latest results, the goal is attainable.

Overall, total production rose 13 per cent to 87,048 vehicles compared with the first quarter. Deliveries of all models, including Model S and X, were over 95 thousand vehicles. In the first quarter it delivered a disappointing 63,000 cars as the company faced logistical problems transporting vehicles to customers outside the USA, and the company's share price is now 26pc below where it started the year. As a result, we do not plan to disclose the customer vehicles in transit metric going forward.

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