Business Maverick: Tesla Soars as Model 3 Paces Record Quarter of Deliveries

The Model 3 maker handed over 95,200 cars to customers in the three months that ended in June, exceeding the previous best mark set in the last quarter of 2018. Tesla’s delivery count exceeded all but one analyst’s estimate in aTesla shares soared as much as 9.1% in late trading Tuesday in New York, which would be the biggest gain of 2019 on a closing basis.

Tesla also left out of its statement any mention of its full-year forecast for 360,000 to 400,000 deliveries, a projection it re-affirmed in its release a quarter ago. Tesla representatives didn’t respond when asked whether the company is sticking with its guidance. It will have to average more than 100,000 units per quarter in the second half to reach the low end of the range.

“The stock and future of Tesla all reside on the sustainable demand going forward and elusive profitability,” Dan Ives, an analyst at Wedbush Securities, wrote in a report.in the final days of Tesla’s first full quarter in which Model 3s made their way to buyers in Europe and China. Overseas demand contributed to deliveries of the sedan jumping to 77,550 units, more than all the vehicles Tesla handed over in the first quarter.

“The big picture is that something is happening around electric vehicles,” said Gene Munster, a managing partner of venture capital firm Loup Ventures and longtime Tesla bull. “The Model 3 is on fire.” Several analysts raised their delivery estimates as the quarter came to an end, citing brisk sales to key European markets including

Source: News Formal (newsformal.com)

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