Tesla Shares Pop As Company Sets New Delivery and Production Records

Electric vehicle maker Tesla saw its shares jump on Tuesday after it set new production and delivery records during the second quarter.

Shares saw a gain of roughly 7% in after-hours trading.

For the 2nd quarter, Tesla broke its previous production and delivery records and also beat analysts’ estimates. The company delivered 95,200 vehicles, producing 87,048 cars. This was a 51.1% increase compared to the first quarter and beat the company’s previous record of 90,700 deliveries in the fourth quarter of 2018.

It was last month that CEO Elon Musk had said that Tesla was on course to deliver a record number of vehicles throughout the quarter and he was not joking. Tesla also said in April that it would “deliver between 90,000 and 100,000 vehicles in Q2. Although it is possible to deliver a higher number of vehicles.”

According to data by FactSet, analysts had been waiting for 91,000 deliveries. The Model 3 had 77,550 compared with 74,100 estimated by analysts. Combined deliveries for the Model S sedans and Model X SUVs were 17,650, while analyts had waited for 16,600.

“In addition, we made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position,” the company said.

Tesla had tweeted, “Our quarterly delivery numbers are in – 95,200 vehicles and six puppies delivered in Q2: ts.la/2x”

“Challenges remain, but this is a step in the right direction,” remarked Wedbush analyst Dan Ives. “The numbers were above even the bull estimates and shows a clear rebound for the company. This is a feather in the cap for Tesla.”

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and have not been compensated for this article.