- Tesla shares jumped late Tuesday after the automaker said it delivered and produced a record number of vehicles in one quarter.
- Wall Street analysts have told investors in recent weeks that while this quarter was likely to meet or exceed expectations, the longer-term outlook is still in question.
- The California-based automaker, led by CEO Elon Musk, said it produced a record 87,048 vehicles in the second quarter. It also delivered around 95,200 vehicles for another record.
- Track Tesla shares here in real time.
Tesla shares surged 8% in late Tuesday trading after the electric automaker reported quarterly delivery figures that topped Wall Street’s expectations. The company’s strong showing was widely expected, and followed last quarter’s disappointing quarterly results that have fanned analyst fears of demand concerns.
Tesla said it produced a record 87,048 vehicles during the second quarter and delivered around 95,200 vehicles, also a record. Deliveries topped the 87,749 vehicles analysts polled by Bloomberg expected.
“We believe we are well positioned to continue growing total production and deliveries in Q3,” the company said in a statement.
Tesla said it delivered 77,550 Model 3 vehicles in the second quarter, topping analysts’ expectations for 70,959 deliveries, per Bloomberg data. The automaker noted it was entering the third quarter with an increase in its order backlog, seeking to quell investors’ concerns over demand.
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The results come as Tesla’s stock has rallied in recent weeks, recovering some of its 2019 losses. Still, shares were down 32% since the start of the year through the market close on Tuesday.
That plunge came as analysts expressed concerns about underlying demand for Tesla’s vehicles, which the company says is strong.
Business Insider’s Graham Rapier reported on Tuesday that Tesla’s vice president of interior and exterior engineering, Steve MacManus, had left the automaker. His departure is the latest in a long line of company exits in recent months.
Now read more Tesla coverage from Markets Insider and Business Insider:
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The investment giant that was once Tesla’s biggest Wall Street backer cut its stake in half last year. Now it’s dumped most of what was left.
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Workers at Tesla’s Buffalo solar tile factory say the company sabotaged their efforts to find new jobs after trying to unionize
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