Tesla announced its Q2 deliveries and production numbers, and it beat out expectations. Specifically, the carmaker announced that it delivered 90,650 vehicles during the quarter. This was higher than the estimates of most analysts, as Wall Street assumed that the pandemic had significantly affected production.
This is the second consecutive quarter that the carmaker beat Wall Street expectations. Overall, Tesla’s deliveries are only down by 4.8% when compared to last year’s Q2 numbers. Elon Musk sent an e-mail to Tesla employees congratulating their dedication during “difficult times.”
Tesla reported 82,272 vehicles in the three months ended June 30 for Q2, with the breakdown at 75,496 Model 3 and Model Y vehicles and 6,326 of its Model S and Model X vehicles.
“Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct,” said Tesla.
Dan Ives, an analyst for Wedbush, has now revised his bullish Tesla share price target from $1500 to $2000. Tesla is up almost 200% since the start of the year. The share price is up about 4000% from a decade ago, as well. In a press release, the carmaker stated that production has now ramped up to pre-coronavirus levels.
It is not clear how many cars were produced by Tesla’s Shanghai facility, as opposed to its Fremont factory. During pre-market trading hours on Thursday, Tesla’s share price shot past $1200. As of press time, Tesla’s share price was up about 8%, hovering around $1208 per share. The company is now the world’s most valuable car company, beating out Toyota with its latest rally, with a market cap now at over $223 billion.
