Tesla Inc. (TSLA) – Get report Shares rose again on Thursday, extending its leadership as the world’s most valuable automaker, after posting stronger-than-expected second-quarter delivery figures.
Tesla, which outperformed Toyota Motor Co. (TM) – Get report Yesterday, as the world’s most valuable car marker by market value, it delivered 90,650 units during the three months ending June, well ahead of the Street consensus forecast of 72,000. Last year, the group displaced 95.2 billion units during the second quarter.
Model 3 and Model Y deliveries reached 80,050, the company said, while Model S and Model X deliveries were set at 10,600. The company said earlier this year that it would “comfortably deliver 500,000 vehicles” by the end of 2020.
However, better-than-expected China sales could boost that number, and emails from Musk himself suggest that the data could provide another boost for high-powered stocks, which has gained more than 167.6% so far. goes of the year.
“It is amazing how well you performed it, especially in such difficult times, I am so proud to work with you!” Musk wrote in an email to employees on Wednesday. The message followed another “everyone” email from last week suggesting that “reaching break-even point looks very tight … Please do your best to ensure victory!”
Tesla shares were marked 8.4% higher in premarket trades on Thursday to indicate an opening price of $ 1,215.00 each. That move would value the Palo Alto, California-based automaker at more than $ 220 billion, well ahead of Toyota’s $ 202 billion and nearly four times the combined market value of Ford Motor Co (F) – Get report and General Motors (GM) – Get report.
If Tesla posts a second-quarter profit, it will mark the third consecutive three-month period in which the automaker has made its way to black, paving the way for it to be included in the S&P 500 benchmark, which requires four consecutive quarters of profitability for inclusion.
“A second-quarter gain is important, as doing so would make Tesla eligible for S&P listing … and increase the likelihood that Elon Musk will receive the second tranche of his compensation award,” said the Credit analyst. Suisse Dan Levy, who carries a $ 700 price target and a neutral rating in stock.
“With Tesla likely to significantly exceed our formal second-quarter delivery estimate, it sets the stage for a less difficult bar to clear second-quarter profitability to clear,” he added.
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