Shares of Tesla Motors, Inc. TSLA surged to $282.45, the highest in 10 months, on Jul 2, after the electric carmaker reported record high vehicle deliveries for the second quarter of 2015. The stock finally closed at $280.02, up 4% over the previous closing price.
Tesla delivered 11,507 vehicles in the second quarter of 2015, representing an impressive 52% improvement over the second quarter of 2014. This is a record high for Tesla. Moreover, the figure surpassed the automaker’s target of 10,000–11,000 deliveries in the quarter.
However, Tesla said that there might be a marginal revision in the figure as it counts a delivery only after the vehicle is handed over to the end customer and the paperwork is accurate. The company also clarified that its quarterly financial results do not depend solely on vehicle deliveries, but also on other factors such as cost of sales, foreign exchange movements and mix of directly leased vehicles.
Tesla started reporting its quarterly vehicle delivery data from the first quarter of 2015 in order to dispel incorrect estimates usually made using erroneous information sources. The electric carmaker now reports its vehicle delivery volume within three days of every quarter end.
In the first quarter of 2015, Tesla delivered 10,045 vehicles, representing a 55% improvement over the first quarter of 2014. The automaker expects to deliver about 55,000 Model S and Model X vehicles globally in 2015, up 70% over 2014.
Tesla currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include The Goodyear Tire & Rubber Company GT, Fox Factory Holding Corp FOXF and U.S. Auto Parts Network, Inc. PRTS. Fox Factory Holding currently sports a Zacks Rank #1 (Strong Buy), while both Goodyear and U.S. Auto Parts carry a Zacks Rank #2 (Buy).
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