San Francisco — Tesla reported a sequential gain in quarterly deliveries that seemed improbable weeks ago, sending its stock surging towards Wall Street’s most bullish price target.
CEO Elon Musk overcame a roughly seven-week shutdown of Tesla’s California car plant by ramping up output at its new factory near Shanghai. Localising production in China is helping reach more customers in the world’s largest EV market by lowering prices. The period was also the first full quarter of deliveries for the Model Y crossover, which Musk has predicted will become Tesla’s top seller.
“Breaking even is looking super tight,” the CEO wrote to staff in an e-mail seen by Bloomberg. “Really makes a difference for every car you build and deliver. Please go all out to ensure victory!”
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