After a disappointing first quarter, Tesla deliveries soared to a record 95,200 in Q2. As well as beating the company’s goal for the quarter, it easily outpaced the 63,000 deliveries seen in Q1. The figures resulted in Tesla’s stock jumping 7 percent in after-hours trading while the total was ahead of analysts’ expectations, most of whom expected approximately 91,000 deliveries. 17,650 Model S/X vehicles and 77,550 examples of the mass-market Model 3 made their way to customers. Tesla said that it made “significant progress streamlining its global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements in its working capital position”.
The impressive rebound occurred after a record decline in Q1 when Tesla delivered 63,000 vehicles, a 31 percent decline on Q4, 2018. That was attributed to lower production volumes of the Model S and X – the company said it would no longer take orders for the 75 kWh version of both vehicles and that move probably contributed to the fall in production. It was also blamed on the logistical challenges of selling the Model 3 in Europe and China as well as the fact that Tesla cut 7 percent of its workforce in January. That all resulted in a $702 million loss in Q1 while Tesla’s stock price fell by over $150 per share between January and June. The records set in Q2 should go some way to reassuring investors that the company can meet their goal of delivering between 360,000 and 400,000 vehicles this year.