Tesla Surges After Q2 Deliveries Come In Higher Than Expected

Tesla Inc TSLA said it delivered about 95,200 vehicles in the second quarter, hitting its promised production and delivery figures and delivering a surprise to critics who had suggested the electric car maker would miss the mark after struggling to meet expectations in previous quarters.

Analysts expected Tesla to deliver 91,000 vehicles during the quarter, according to estimates compiled by FactSet. The news sent Tesla shares surging in after-hours trading.

The company said it also hit a production record of more than 87,000 vehicles.

"In addition, we made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position," Tesla said in a press release.

Tesla’s delivery number shatters its record for quarterly deliveries, which was 90,700 in the fourth quarter of 2018. Tesla said it had more orders than deliveries in the quarter and so will start the third quarter with an increased order backlog.

"We believe we are well positioned to continue growing total production and deliveries in Q3," the company's release said.

Shares of Tesla closed Tuesday down 1.1%, but the stock was up 8.3% to $243.26 in after-hours trading at time of publication.

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Photo courtesy of Tesla.