Tesla Motors has set two new records during the second quarter of 2019. With the reporting of the company’s sales figures today, it was disclosed that Tesla achieved production of 87,048 vehicles, and deliveries of 95,200 vehicles. Both of these figures are new highs for the electric vehicle maker, and come in above most analysts’ expected numbers for the quarter.
This production report is great news for Tesla, and a 7% surge in their stock today confirms that Wall St. is just as happy as Mr. Musk undoubtedly is. This report also comes after last quarter’s $702MM loss and falling delivery numbers, as well as three executive departures. Indeed, many are viewing this record-breaking quarterly report as a return to form and a possible upward trend for the automaker. In short, this is great news for Tesla just when they needed it. The company aims to deliver up to 400,000 cars in 2019.
In detail, Tesla produced 14,517 and delivered 17,650 Model S and X vehicles (the company combined these two numbers in their reporting), and produced 72,531 and delivered 77,550 Model 3 vehicles. As you may have noticed, the Model 3 is outselling the other two Tesla models combined at a rate of more than four to one. The Model 3 has been the best selling Tesla since the small car’s debut, but obviously the extent of the difference between the model sales is such that Tesla now just combines X and S numbers into one category.
Tesla is also expected to report quarterly earnings and their financial standing at the end of July, so we will then have a clearer picture of the company’s fortunes. These record deliveries and production numbers must go a long way toward helping their financial condition, and we would expect the outflow of cash to have at least slowed. The company previously stated that they do not expect to turn a profit again until the third quarter of this year at the earliest. Of course, it’s too early to tell if this is a rebound for the company or simply an upward blip, but this is great news for the company, the customers, and the EV ecosystem at large.
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