Tesla (NASDAQ:TSLA) has released its numbers for the second quarter of 2019. Between April to June, Tesla managed to hit new records, producing a total of 87,048 vehicles, while delivering approximately 95,200 in both the United States and other territories.
In an announcement on its Investor Relations website, Tesla stated that it had produced a total of 14,517 Model S and Model X during Q2 2019, while Model 3 production was at 72,531 units. A total of 17,650 Model S and X and 77,550 Model 3 were delivered in the second quarter as well.
Tesla notes that its impressive results were partly due to the result of the streamlining of its global logistics and delivery operations. This allowed the company to handle larger volumes of vehicles, while enabling cost efficiencies and improvements at the same time.
In what could very well be a direct response to the pervading TSLA bear thesis of alleged weakening demand for its vehicles, Tesla emphasized that orders generated during the quarter exceeded the company’s total deliveries. With this in mind, Tesla is entering the third quarter with an increase in its order backlog. This would likely allow the company to continue growing both in production and deliveries in the third quarter.
As of the end of June 2019, there were over 7,400 vehicles in transit to customers.
Wall Street appears to have reacted positively to Tesla’s Q2 2019 results. As of writing, TSLA stock is trading up 7.35% at $241.05 per share in after-hours trading.
Tesla’s full production and delivery report could be read below.
PALO ALTO, Calif., July 02, 2019 (GLOBE NEWSWIRE) — In the second quarter, we achieved record production of 87,048 vehicles and record deliveries of approximately 95,200 vehicles. In addition, we made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position.
| Production | Deliveries | |||
| Model S/X | 14,517 | 17,650 | ||
| Model 3 | 72,531 | 77,550 | ||
| Total | 87,048 | 95,200 |
Orders generated during the quarter exceeded our deliveries, thus we are entering Q3 with an increase in our order backlog. We believe we are well positioned to continue growing total production and deliveries in Q3.
Customer vehicles in transit at the end of the quarter were over 7,400. Due to the order-to-VIN matching process we described in our Q1 2019 Shareholder Letter, which we extended to Model S and Model X in Q2 to improve process efficiency, this metric has become less relevant. As a result, we do not plan to disclose the customer vehicles in transit metric going forward.
