Tesla: shares jump after record quarterly deliveries

(CercleFinance.com) - Tesla, the US luxury electric carmaker, said on Tuesday that second-quarter vehicle deliveries rose 9% from a year ago to a quarterly record of approximately 95,200 vehicles, hence beating expectations.


"Orders generated during the quarter exceeded our deliveries, thus we are entering the third quarter with an increase in our order backlog," the Palo Alto-based company said in a statement issued yesterday evening.

"We believe we are well positioned to continue growing total production and deliveries in the third quarter," it added.

According to analysts at Wedbush, these numbers are a "clear step in the right direction for Musk."

"The most important number in the release was the key Model 3 deliveries which came in at 77,550 and were above the Street's 74,100 estimate as this remains the linchpin of the Tesla growth story for the coming years," the broker said.

After a soft first-quarter, Tesla got the demand story "back on track," Wedbush said.

"Where is the demand issue?," another analyst asked.

Tesla shares opened up 7% at 240.1 dollars on Wednesday on the Nasdaq. At yesterday's close, they had fallen by over 32% year-to-date.

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