Tesla’s (NASDAQ:TSLA) second-quarter vehicle production and delivery update is out — and investors are impressed based on the stock’s sharp 7% jump in after-hours trading as of 6:40 p.m. EDT Tuesday. Deliveries during the quarter surged to a record high, driven primarily by a huge increase in Model 3 deliveries.
The upbeat update on Tesla’s vehicle sales follows worse-than-expected first-quarter deliveries, when the company’s overseas expansion led to logistical challenges.
Second-quarter production and deliveries
Tesla delivered a record 95,200 vehicles in its second quarter. Fueled by continued growth in Model 3 production, this figure was up 134% year over year and 51% sequentially. These deliveries easily beat analysts’ average forecast for deliveries of 91,000 units during the quarter. In addition, the figure was ahead of Tesla’s previous quarterly record of about 90,966 vehicles.
Of these deliveries, Tesla estimates 77,550 were Model 3 and 17,650 were Model S and X vehicles.
|Vehicle||Q2 2019||Q2 2018||Change|
|Model 3 deliveries||77,550||18,449||320%|
|Combined Model S & X deliveries||17,650||22,319||(21%)|
|Total vehicle deliveries||95,200||40,768||134%|
Capturing where growth came from during the quarter, Model 3 deliveries soared 320% as the vehicle’s production jumped. In the year-ago quarter, Tesla was still in “production hell,” with production running about six months behind schedule. But now Tesla was able to produce 72,531 Model 3 units in its second quarter alone, setting the stage for a huge year-over-year increase in Model 3 deliveries…
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