Telsa Second Quarter Model 3 Orders Could Surpass Wall Street Views

Tesla delivers record number of electric cars in quarter shares up 8

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Despite a slowdown in the overall automotive market, Tesla should now be within touching distance of its target for at least 90,000 deliveries a quarter. In the first quarter, Tesla delivered around 51,000 Model 3 vehicles.

Shares of Tesla rose as much 7% following the numbers' release.

The electric auto and solar panel company said it handed over 95,200 vehicles to customers worldwide, breaking the previous record of 90,700 set in the fourth quarter of past year. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles. Tesla's delivery count easily beat analysts' average estimate for about 87,700 units.

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Total production for the quarter, which ended on June 30, exceeded deliveries, as is common, leaving about 7,400 cars in the lurch at the end of the reporting period. That was despite the fact that the $7,500 US federal tax credit was cut in half at the end of previous year. Over 83% of the cars manufactured were the Model 3; the rest were Model S and X.

Earlier this year, Tesla said it would turn a profit in the second half of 2019, later than earlier projections.

A big challenge for Tesla has been how to deliver its vehicles efficiently and swiftly to customers around the world.

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In prior quarters, Tesla has diverted employees from all parts of the company to help with deliveries in an all-hands-on-deck effort to meet delivery goals.

The delivery numbers included 10,600 vehicles that had been in transit at the end of the first quarter. Tesla is close to setting a quarterly record for deliveries, but the company is having trouble shipping vehicles to the right places as the second quarter comes to a close, CEO Elon Musk told workers in an internal memo. The third quarter, he wrote, will give a real picture of how steady demand is for the company's top-selling Model 3, which starts at $35,000.

Tesla said that going forward, it would no longer disclose how many vehicles were in transit at the end of each quarter due to production changes that made the number less relevant. Of 22 analysts polled by FactSet, only four expect a second-quarter profit and 18 predict a loss.

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