Tesla sets new production and delivery records, stock prices climb 7%

By Akshay Kedari  | Date: 2019-07-03

Tesla sets new production and delivery records, stock prices climb 7%

The automaker expects a profitable third quarter after its record-breaking performance in the second quarter

Tesla stocks had witnessed a jump recently following the electric automobile manufacturer’s announcement stating it shattered its existing manufacturing and distribution records over the second quarter, comfortably surpassing analyst predictions.

Evidently, the company’s shares escalated by about 7% in after-market business. Tesla also gave indications of a fruitful third quarter owing to its the order backlog during that period.

Tesla CEO Elon Musk had reportedly published a company-wide email on June 25 stating that the company was all set to supply a record number of cars over the quarter.

His claims turned out to be true as the electric car maker managed to deliver close to 95,200 vehicles during the period, beating its previous best of 90,700 deliveries in the final quarter of 2018, according to statistical data provided by sources with information on the subject.

Wedbush analyst Dan Ives stated that despite the remaining challenges, Tesla is on the right track and the outcome from the previous quarter have proved to be the company’s greatest achievement thus far.

Tesla had announced in April that the company aimed at delivering between 90,000 to 100,000 cars in the second quarter. The car maker had also mentioned they have managed to make considerable progress remodeling their delivery and global logistics operations to achieve higher numbers in an enhanced and cost-effective manner.

According to FactSet data, Tesla’s sales of its Model 3 cars were 77,550, beating estimates of 74,100 units. Moreover, combined deliveries for Model X SUVs and Model S Sedans were 17,650, against analysts’ projections of 16,660 units.

For the record, Tesla is facing tough competition for electric sports cars from its rival automakers including Jaguar, Ford, Volkswagen and Mercedes-Benz. In fact, Mercedes and VW had started taking orders for new electric vehicles in May and aim to launch several new models in the next few years.

 

Source credit: https://www.cnbc.com/2019/07/02/tesla-q2-2019-production-and-delivery-numbers.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Bayer sells environmental science biz to Indian firm for $13.5 million

Bayer sells environmental science biz to Indian firm for $13.5 million

By Akshay Kedari

German multinational pharmaceutical and biotechnology company, Bayer CropScience recently stated that its board has given the go-ahead for selling its Environmental Science Business to 2022 ES Discovery India, a private Indian company. The deal wi...

Stockly to raise another $12M to expand its operations & employee base

Stockly to raise another $12M to expand its operations & employee base

By Akshay Kedari

French-based software startup, Stockly is reportedly raising another $12 million (€12 million) in a Series A round from Daphni, Eurazeo, and several other business angels. Apparently, the firm pools together the inventory of several e-commerc...

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

By Akshay Kedari

Amidst rising efforts for promoting cashless travel, prominent mobile payment providers in Asia have recently announced an integration of the cross-border digitalized payment solutions from Alipay+ in South Korea. With this move, users of e-wallet...

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

By Akshay Kedari

Sumsub will assist Seracle in building an innovative blockchain ecosystem Sumsub will offer enhanced security to Seracle at a time when losses due to cryptocurrency thefts have increased by about 60% to $1.9 billion Seracle, a global blockc...

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

CATL unveils new Module to Bracket tech for heavy-duty electric trucks

By Akshay Kedari

CATL, a Chinese battery manufacturer and technology company, has reportedly introduced a new battery technology known as Module to Bracket (MTB) for heavy-duty electric trucks. As per reliable sources, the MTB technology deploys the battery module...