Tesla Beats Expectations with Delivery and Production Numbers

11:29 07/04/2019

Tesla TSLA  was amazing Wall Street this week when it delivered its numbers for production and delivery.

The electric vehicle maker set new production and delivery records during the second quarter prompting shares to gain 7% in after-hours trading on the news.

For the 2nd quarter, Tesla 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.

CEO Elon Musk had said recently that Tesla was on course to deliver a record number of vehicles throughout the quarter. It was in April that that company said 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 expecting 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,” noted 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.”



This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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