Tesla stock pops after setting new production and delivery records
The big picture: Orders generated during the quarter exceeded deliveries which means the company enters the third quarter with an increase in its order backlog. It’s an issue although admittedly, there are worse problems a company could have.
Tesla in the second quarter of 2019 delivered just north of 95,000 EVs and produced 87,048 vehicles, both of which are company records.
Breaking it down, Tesla said it delivered 77,550 Model 3 vehicles and a combined 17,650 Model S sedans and Model X SUVs for a total of 95,200. On the production side, 72,531 Model 3 sedans rolled off the assembly line along with a total of 14,517 Model S and Model X units.
Tesla said it has more than 7,400 customer vehicles in transit at the end of the quarter. This metric is less relevant than it once was, however, and the automaker will no longer be disclosing it in future reports.
The company said it also made significant progress in streamlining its global logistics and delivery operations at higher volumes, making the whole operation a bit more cost efficient.
Tesla shares popped heavy in after-hours trading, up more than seven percent after the bell. Whether or not those gains hold through the rest of the week remains to be seen.
Masthead credit: Tesla Motors assembly plant by Nadezda Mumakova