Green car maker Tesla blew past Wall Street estimates for deliveries in the second quarter, reporting it delivered 95,200 vehicles in the three months ending in June.
The results were way higher than the 88,000 deliveries Wall Street was looking for.
"Orders generated during the quarter exceeded our deliveries, thus we are entering Q3 with an increase in our order backlog," Tesla wrote in a press release announcing the results. "We believe we are well positioned to continue growing total production and deliveries in Q3."
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For the second quarter, Tesla delivered 77,500 Model 3s and 17,650 Model S/X. The total delivered in the quarter also surpassed its previous record set in the fourth quarter of 2018 when it reported 90,700 vehicles delivered.
What a Difference a Quarter Makes
The strong showing out of the Palo Alto, California car maker is a stark difference to the first quarter when it was able to deliver just 63,000 vehicles. That was a sequential decline and lower than Wall Street expectations.
News of Tesla's deliveries sent the stock surging more than 6% in after-hours trading. The stock has been under pressure since the start of the year over concerns about demand and the cash burn rate at the company. Since 2019 began, shares are 22% lower.
When Tesla reported first-quarter results in April the company said it expected to deliver 90,000 to 100,000 vehicles in the second quarter. The results were in line with that target.
Heading into the update, which Wall Street was expecting some time this week, JMP Securities issued a bullish research report arguing Tesla likely delivered twice as many Model 3 sedans during the second quarter compared to the first quarter. JMP Securities analyst Joseph Osha predicted it would report deliveries of 43,000 for the Model 3. Osha has a $347 price target on Tesla. It's not clear if the results will prompt Osha to get even more bullish on the green vehicle company.
Tesla Still Losing Executives
At the same time that Tesla was able to blow past delivery estimates its dealing with yet another executive departure, this time Steve MacManus, the vice-president of interior and exterior engineering. The company hasn't made any official announcements about his departure. He is the most recent top executive to leave the company as the second quarter wrapped up. Peter Hochholdinger, senior production manager, left last week to work for a competitor, and Jan Oehmicke, head of European operations left on Tuesday as well.