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Tesla higher as electric cars maker reports record second quarter vehicle deliveries

The Nasdaq-listed firm said overall deliveries of its models rose by 51% from the first quarter to 95,200 vehicles, above forecasts for total quarterly deliveries of 89,084

Tesla Model 3
Tesla delivered 77,550 of its flagship Model 3 sedans in the quarter, compared with analysts’ average estimates for 73,144

Tesla Inc (NASDAQ:TSLA) shares drove higher in pre-market US trading after the electric cars maker reported record second quarter vehicle deliveries in a release after the New York hours on Tuesday.

The Nasdaq-listed firm said overall deliveries of its models rose by 51% from the first quarter to 95,200 vehicles, above forecasts for total quarterly deliveries of 89,084.

READ: Tesla in reverse as it slumps to US$702mln first-quarter loss

The group delivered 77,550 of its flagship Model 3 sedans in the quarter, compared with analysts’ average estimates for 73,144, together with 17,650 Model S and X vehicles.

Tesla’s chief executive officer, Elon Musk had repeatedly said the carmaker could deliver a record number of cars in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year.

The group also saw orders generated during the quarter exceed deliveries, and as a result it said it is going into the third quarter with a larger order book.

Nicholas Hyett, equity analyst at Hargreaves Lansdown: “After a disappointing first quarter these are reassuringly strong numbers from Tesla, with deliveries coming in well ahead of what analysts had expected.

“The numbers suggest Model 3 demand is growing nicely, although we’ll have to wait for the half year financials to see if increased efficiency from volume growth has offset the negative impact of price cuts on margins.”

Hyett concluded: “These are undeniably strong numbers, but given Tesla’s recent history of significant swings in performance from quarter-to-quarter we remain cautious for now.”

In pre-market New York trade on Wednesday, Tesla shares were 7.7% higher at US$241.78.

Quick facts: Tesla Inc

Price: 335.89 USD

NASDAQ:TSLA
Market: NASDAQ
Market Cap: $60.54 billion
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