Tesla on top gear as it sets new delivery record of 95,200 electric vehicles in Q2
Tesla announced record deliveries of around 95,200 vehicles, but said the delivery numbers represent only one measure of the company's financial performance.Tenzin Norzom
Tesla on Tuesday announced the company has achieved record deliveries of around 95,200 vehicles in the second quarter, and produced 87,048 vehicles.
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Hours after the announcement, Tesla’s shares rose by seven percent, according to a report by Reuters.
The electric car company's biggest seller was Model 3, which saw 77,550 deliveries, compared to 17,650 units of Model S/X being sold, pushing the total delivery up by 51 percent from the last quarter. This was up against analyst’s expectations of 91,000.
Tesla’s previous record was 90,700 deliveries set in the fourth quarter of 2018.
However, Tesla said the delivery numbers represent only one aspect of performance, and is not indicative of the quarterly financial result as a whole. It also said that factors like the cost of sales, foreign exchange movements, and mix of directly leased vehicles should be taken into account. It added that more information regarding financial performance will be announced during the earnings call.
The company said its delivery count should be viewed as ‘slightly conservative’, and that the numbers may vary up to 0.5 percent or more.
“We only count a car as delivered if it is transferred to the customer and all paperwork is correct. We count a produced but undelivered vehicle to be in transit if the related customer has placed an order or paid the full purchase price for such vehicle," said a release.
In addition to this, the company claimed it has made significant progress in streamlining the global logistics and delivery operations at higher volumes.
Looking forward at the next quarter, Tesla said,
“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 the next quarter.”
But in the three months of the quarter, according to The Verge, Tesla also saw some of the executives exit the company. These include production executive Peter Hochholdinger, who joined an EV startup called Lucid Motors. Vice President of engineering, Steve MacManus, and Vice President of Tesla Europe, Jan Oehmicke, also left the company.