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Tesla Shares Jump as It Reports Record Quarterly Deliveries

The electric vehicle maker delivers a record of 95,200 vehicles in the second quarter of 2019.

Electric car maker Tesla on Tuesday said that it had delivered a record number of vehicles to customers around the world in the second quarter of 2019. Tesla shares jumped 7 percent after the end of trading as investors reacted to the announcement.

According to a press release issued by Tesla, the company delivered 95,200 cars between April-June 2019, easily beating the previous delivery record of 90,700 cars set in the last three months of 2018. The numbers were in line with the figure Tesla had projected it would deliver this quarter.

In May, Tesla chief Eon Musk had told employees in an email leaked to the press that Tesla was within reach of a record 90,000-100,000 deliveries. Tesla shares had remained turbulent throughout this quarter after a record drop in deliveries during the first three months of 2019.

The Tesla Model 3, which is the least expensive Tesla electric vehicle, was delivered to 77,550 consumers over the past three months, the EV maker said in a statement on Tuesday. The EV maker also reaffirmed that it expected to increase production and deliveries even further for the third quarter of 2019.

Tesla has slashed prices of its EVs a number of times to increase sales over the past few months, reports The New York Times. A federal tax credit for Tesla cars was also reduced from $3,750 to $1,875 beginning July 1, thereby boosting sales for the month of June.

Tesla’s renewed push into the European and Chinese EV markets will likely help the company set new delivery records. The latest numbers from Europe have been encouraging, with Tesla reporting at least 2,500 EV deliveries to countries like Norway and the Netherlands.

Beijing has also extended a sales tax break for EV consumers as Tesla prepares to start production in China. A new Tesla production facility in the Chinese city of Shanghai will be operational by the end of the year, a local official announced on Tuesday.

As Tesla prepares to post the profit it has made in this quarter, investors are likely to keep close watch over a perceived drop in demand for EVs across the world, paired with battery supply chain issues and financial troubles at Tesla headquarters which might affect the future deliveries.

Usman Kabir covers science, space, and technology for Globely News. As a kid, he would make models of the solar system and take part in water rocket competitions. His childhood obsession has led him to a degree in Space Science. Usman likes to spend his free time watching reruns of "Curb Your Enthusiasm" and "Seinfeld."

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