Tesla Stock Climbs Following Unprecedented Q2 Production and Delivery Milestones
Tesla achieves record-breaking vehicle production and deliveries in Q2 despite executive departures, signaling strong growth momentum.
Shares of Tesla Inc. (TSLA) surged over 7% in pre-market trading on Wednesday after the electric vehicle pioneer announced exceptional second-quarter results, producing 87,048 vehicles and delivering approximately 95,200 units—far exceeding analyst forecasts and overshadowing previous quarter setbacks.
At quarter-end, more than 7,400 vehicles were en route to customers but excluded from delivery totals, indicating a growing order backlog poised to boost Q3 performance.
In a Tuesday press release, Tesla highlighted significant advancements in optimizing global logistics and delivery processes at higher volumes, leading to cost savings and enhanced working capital. CEO Elon Musk notably dedicated his 48th birthday to refining these logistics systems.
The majority of production and deliveries—over 80%—were attributed to the mass-market Model 3. However, analysts express concern that the Model 3's success may be impacting sales of the premium Model S and Model X models.
Despite a year-to-date share decline of roughly 33%, Tesla maintains a market capitalization near $40 billion. Wedbush analyst Dan Ives described the new records as a "rebound" and a significant achievement for the company.
Earlier in June, Musk set ambitious targets in a leaked email, emphasizing that Tesla was on track for an all-time production record, contingent on maximum effort. He also reminded customers that the U.S. federal tax credit for Tesla vehicles would decrease to $1,875 for deliveries after June.
Nevertheless, this positive momentum coincides with notable executive departures. Electrek reported that Peter Hochholdinger, Tesla’s vice president of production, left to join competitor Lucid Motors. Additionally, Jan Oehmicke, vice president of Tesla Europe, exited after just over a year, and Business Insider has confirmed that Steve MacManus, vice president of interior and exterior engineering, has also departed.
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