Saturday, 19 October, 2019

Tesla Delivers 95,200 Vehicles in Second Quarter, Blowing Past Wall Street Targets

Employees work in a Tesla showroom in west London Employees work in a Tesla showroom in west London Credit Toby Melville /REUTERS
Russell Knight | 03 July, 2019, 20:55

Tesla Inc shares opened almost 7 per cent higher on Wednesday after chief executive officer Elon Musk made good on his promise of delivering record number of electric cars in the second quarter, quelling fears about demand for its sedans and SUVs.

When Tesla reported first-quarter results in April the company said it expected to deliver 90,000 to 100,000 vehicles in the second quarter. A total of 17,650 Model S and X and 77,550 Model 3 were delivered in the second quarter.

Brushing aside concerns about demand that have dogged the company all year, Tesla said orders during the second quarter exceeded deliveries, despite buyers getting a smaller tax credit. The full earnings report, with full financial results, is due on August 7.

The delivery numbers included 10,600 vehicles that had been in transit at the end of the first quarter.

The U.S. tax credit continued its wind-down July 1, reaching $1,875.

Tesla also provided promising news on the demand for its vehicles.

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Shares of the company were up 6.4 per cent at $238.92, their highest in almost two months.

"The stock and future of Tesla all reside on the sustainable demand going forward and elusive profitability", Dan Ives, an analyst at Wedbush Securities, wrote in a report.

Several analysts raised their deliveries estimates as the quarter came to an end, citing brisk sales to key European markets including Norway and the Netherlands, as well as the effect of incentives that Canada began offering in May to stoke purchases of battery-powered cars.

A line of unsold 2019 Model 3 sedans sits at a Tesla dealership in Littleton, Colo.

Tesla's first quarter was hurt by logistics issues at global ports and a drop-off in US orders after a tax credit was halved, which spurred concerns that demand for Tesla's electric cars may have peaked.

With the best-selling - and more affordable - Model 3 electric sedan now available in both left-hand and right-hand drive markets around the world, including Australia, Tesla says it has taken more orders during the second quarter than it was able to make cars. That will test the California-based company's ability to keep shipping and logistics costs contained. The competition isn't really out there yet.

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