Tesla Beats Wall Street’s Delivery Estimates Sending Shares to Record High
Tesla has today revealed that it delivered a total of 112,000 vehicles in Q4, including 92,550 Model 3s and 19,450 Model S/X SUVs, which were above Wall Street’s expectations of 104,960 vehicles, Reuters is reporting. The announcement resulted in Tesla shares climbing 5.5% to $454 and reach a record high.
Tesla delivered a total of 367,500 vehicles in 2019 to meet the low end of its target to deliver 360,000 to 400,000 vehicles during the year. Analysts say the delivery results defy skeptics of CEO Elon Musk, who has come under scrutiny from federal regulators and shareholders of Tesla.
Tesla also provided an update on its Shanghai factory noting that the plant has demonstrated a production run-rate capability of more than 3,000 units per week.
Tesla’s fourth quarter production number of 104,891 signifies that the production woes of the past have been rectified, Canaccord Genuity analyst Jed Dorsheimer said.
“The recently escalating geopolitical uncertainties driving oil prices higher are likely to create a tailwind for TSLA shares,” Dorsheimer added.
According to a company representative, Tesla will deliver its first China-made Model 3 sedans to the public on Jan. 7.