Tesla’s vehicle deliveries in the third quarter top Wall Street estimates.
- Tesla’s vehicle deliveries in the third quarter top Wall Street estimates.
- The electric carmaker is aiming half a million in vehicle sales this year.
- Tesla delivered 124,100 Model Y and Model 3 vehicles in fiscal Q3.
Tesla Inc. (NASDAQ: TSLA) said on Friday that its sales surged to an all-time high and topped Wall Street estimates in the fiscal third quarter. But the company acknowledged that demand remains uncertain in the upcoming months due to the Coronavirus pandemic.
Shares of the company closed almost flat on Friday. At £323.96 per share, Tesla is now close to 400% up year to date in the stock market. In March, when the COVID-19 crisis wreaked havoc on the global auto industry, the stock had tumbled to ££55.86 per share.
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Tesla delivered 124,100 Model Y and Model 3 vehicles
Tesla said that it delivered a total of 139,300 vehicles in Q3 versus 137 thousand expected, as per FactSet. Tesla said in September that it was considering a stock offering to raise up to £3.71 billion. The announcement came a day after the Palo Alto-based company’s 5 for 1 stock split.
In terms of individual models, the U.S. electric car manufacturer delivered 124,100 Model Y and Model 3 vehicles combined in the recent quarter, that marked a 56% increase on a year over year basis. Analysts had anticipated the company to deliver 117,300 of the two models in Q3.
For Model X and Model S, Tesla reported 15,200 deliveries in the third quarter versus a marginally higher FactSet consensus of 15,300.
Analyst Karl Brauer of iSeeCars.com commented on Tesla’s report on Friday and said:
“These numbers are particularly impressive in a year when most automakers are producing and delivering fewer vehicles. With multiple factories coming online in the next year, there’s every indication Tesla’s volume will continue to grow in 2021 and beyond.”
Tesla is aiming half a million in vehicle sales this year
In an announcement last week on Battery Day, CEO Elon Musk expressed confidence that Tesla was aiming half a million in vehicle sales this year or up to 40% higher than 2019. But analyst Joseph Spak of RBC Capital said on Friday:
“We do believe there could be some supply constraint, but bears may also point to some demand concerns. Some of the early data we’ve seen in Europe suggests sales may be softer than expected.”
Tesla performed fairly upbeat in the stock market last year with an annual gain of roughly 30%. At the time of writing, the American electric vehicle and clean energy company has a market cap of £302 billion and a price to earnings ratio of 1,077.88.
The post Tesla’s vehicle deliveries in the third quarter top Wall Street estimates. first appeared on Digital Market News.
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