Tesla’s electric car deliveries have sailed past expectations, driving shares to record territory
units of its Mody 3, Y, S and X vehicles to customers in the second quarter, down from 95,200 a year ago, but far more than the consensus expectation of fewer than 70,000 vehicles. Although Tesla’s main California plant was closed for about half of the quarter, the company was able to operate its new Shanghai plant throughout the period. It also benefited from an unusually large amount of inventory.
“Assuming a ~7k/week production rate exiting Q1, we estimate Fremont produced ~42k vehicles during the quarter, implying ~40k vehicles in Shanghai, up from our estimate of 500-600 units/week in Q,” Ben Kallo, an equity analyst for RW Baird, said in a research note. “With strong Q2 volumes, GAAP profitability is now in focus and appears achievable, which could lead to inclusion in the S&P 500.”
for customers in the EU as early as next year. Tesla is also in talks with Texas and other states about a new U.S. plant to produce its hard-edged Cybertruck.... [+]Kallo had expected Tesla to report 73,000 deliveries in the quarter, though analyst Brian Johson of Barclays had noted earlier this week that consensus delivery and production estimates were too low.
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