Tesla appears to have recovered from a more disappointing Q1 as the electric car firm says it set new production and delivery records during the second quarter of this year. Stocks surged 7% as a response. Tesla also hinted at a strong Q3, saying it has a backlog of orders.
But first to those electric cars delivered during the period April – June. Tesla reports a “record production” of 87,048 vehicles and record deliveries of approximately 95,200 vehicles. Tesla here bests its previous record of 90,700 deliveries set in the fourth quarter of 2018. More so, it also makes up for a comparably low Q1/2019 when 63,000 vehicles across all models were sent out. Already during the last earnings call Tesla said that this was due to many deliveries having been pushed back to Q2.
As in the previous quarter, the Model 3 trumps. A total of 72,531 Model 3 were delivered with 77,550 produced. The Model S/X were sent out 14,517 times from 17,650 made. This appears to be in line with Tesla’s latest target of delivering around 1,000 Model 3s per day in North America so that the firm had to push between 33,000 and 36,000 Model 3 units to customers in North America over June.
Elon Musk had spoken of a record-breaking quarter before, albeit in cautious terms. “The reality is that we are on track to set an all-time record, but it will be very close,” wrote the Tesla boss in an e-mail to his employees. “However, if we go all out, we can definitely do it! We already have enough vehicle orders to set a record, but the right cars are not yet all in the right locations.”
The push seems to have worked but also comes amidst news that Tesla has lost two of its top executives charged with production and delivery. After production manager Peter Hochholdinger left Tesla to join Californian rival Lucid Motors, Tesla’s head of European operations Jan Oehmicke is also going and has been replaced by Sascha Zahnd, Vice President Global Supply Chain reportedly.
In terms of production, the higher levels point to electric vehicles currently in transit. Tesla says that at the end of the quarter there were over 7,400 EVs on the way but also that the company will discontinue disclosing this metric in future.
Talking about the future, Tesla is hopeful, saying “orders generated during the quarter exceeded our deliveries, thus we are entering Q3 with an increase in our order backlog. We believe we are well positioned to continue growing total production and deliveries in Q3.”
However, these figures are only indicators with the actual earnings due at a later date.
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