Tesla stock (NASDAQ:TSLA) rose on Tuesday after a report said executives are preparing for a “high volume” of last-minute deliveries, which could cap off a record quarter for the clean-energy automaker.
According to Electrek, an internal Tesla memo urging employees to provide “additional support” to the end-of-quarter drive, which is expected to see a “very high volume” of deliveries in the coming days.
Tesla, which saw a significant increase in China sales and exports last month as its Shanghai gigafactory resumed normal production rates, is expected to report a record tally of between 350,000 and 370,000 cars in the three months ending in September. The previous high for the group was around 310,000 in the first quarter.
Tesla continues to forecast a 50% increase in full-year deliveries from 2021 levels, implying a target of 1.4 million vehicles. Over the summer, CFO Zachary Kirkhorn told investors that the target has become “more difficult but remains achievable with strong execution.”
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Tesla is expected to release third-quarter delivery figures on Saturday, with a more detailed earnings report and conference call scheduled for October 19.
Tesla stock (NASDAQ:TSLA) was trading 4.35% higher at $288.02 each early Tuesday trading.
The China Passenger Car Association (CPCA) reported earlier this month that Tesla sold 76,995 China-made cars in August, which was significantly higher than the 28,000 total recorded in July when Tesla’s Shanghai gigafactory was idled for scheduled maintenance, but essentially only matched the 78,000 tallies from June.
Despite input price pressures and narrowing profit margins, Tesla reported stronger-than-expected second-quarter earnings in late July and reiterated its goal of full-year delivery growth.
Tesla said adjusted earnings for the three months ending in June rose 56.5% year on year to a Wall Street-beating $2.27 per share, despite revenues of $16.94 billion. A piece of great news for Tesla stock (NASDAQ:TSLA)
Tesla reported gross automotive margins of 27.9%, a 500 basis point decrease from the previous year and just inside the Street forecast of 28.2%, owing to a surge in input costs and expenses associated with the ramp-up of new factories in Austin and Berlin.
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