Tesla Inc. delivered a record number of electric cars in the second quarter, but still has a long way to live up to CEO Elon Musk's promises for the year.
The electric car company reported delivery of 95,200 cars in the second quarter of Tuesday afternoon, a record for a three-month period and higher than analysts expected. Tesla
shares, down 30% so far this year after a disappointing performance in the first quarter, jumped more than 7% after-sales after the announcement.
] Having delivered a record of 91
Don't miss: Tesla's delivery numbers change several times between filing
Musk in a number of leaked emails prompted his employees to work hard to beat the record delivery cost from the fourth quarter of 2018 in recent weeks . Tesla had a start, as more than 10,000 cars were in transit at the end of the first quarter, according to Tesla's statements at that time.
"Although our demand is strong, we have many vehicle deliveries to catch up for a successful quarter," Musk said in one of the leaked emails at the end of May.
Musk's goal for the whole year requires deliveries and production to continue to accelerate. Musk has announced that Tesla will deliver 360,000 to 400,000 cars this year, but has delivered fewer than 160,000 over the first six months. Tesla did not repeat the annual guidance as it did in its first quarter notice of delivery.
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"We believe we are well-equipped to continue increasing overall production and deliveries in the third quarter," Tesla said in its announcement Tuesday.
Tesla does not start much of a start, as there were 7,400 cars in transit at the end of the second quarter, down from 10,600 at the end of the first quarter. Tesla said it would no longer provide this calculation in its quarterly deliveries and production announcements.
"It is important that orders received in the quarter exceeded deliveries in the quarter and the company therefore believes that it could continue to grow its deliveries to 3Q19, which is important to hit your aggressive 2H implicit guide and end unit unit forecasts, "Wedbush analyst Daniel Ives wrote in a note Tuesday afternoon. Ives maintained as neutral rating and $ 230 pricing targets.
Tesla said it delivered 77,550 Model 3 cars in the second quarter and 17,650 combined Model S and Model X units. Analysts expected on average that Tesla should deliver a total of approx. 91,000 cars, although this figure was higher than 100 million as late as September last year, according to FactSet. Tesla produced a total of 87,048 cars in the quarter, of which 72,531 were of the cheaper Model 3 variety.
See also: Tesla sales in the second quarter is as good as it gets, says Goldman Sachs
Tesla stocks closed Tuesday with a fall of 1.2% at 224.55 Dollar, 33% lower than 12 months ago after the worst first half of all Nasdaq-100 shares. S&P 500 index
SPX, + 0.29%
has achieved 8.7% over the past year in comparison. Tesla shares traded for more than $ 240 in retrospect on Tuesday afternoon.
In a note on Tuesday afternoon, RBC analysts said the demand gains "could be close to a long-term top" for Tesla shares as investors await the full earnings report, "where focus will shift to auto gross margins, cash flow and demand sustainability . "
"While 2Q19 units were better, we were still aware that blends of vehicles (and discounting to move units) could weigh on profitability and hence 2Q19 likely sacrificed margins for units," the analysts who have an underperformance on warehouse.