Tesla shares surged Tuesday after the electric auto maker said it shattered its previous production and delivery records during the second quarter, soundly beating analysts’ estimates.
The company’s stock jumped by about 7% in after-market trading. Tesla also hinted at a strong third quarter, saying it’s entering the period with a backlog of orders.
CEO Elon Musk set investors’ expectations high in a companywide email on June 25, saying the electric car maker was on course to deliver a record number of vehicles throughout the quarter. He wasn’t exaggerating. The company delivered 95,200 cars during the the three months ending June 30 — a 51.1% increase over an admittedly weak first quarter and besting its previous record of 90,700 deliveries set in the fourth quarter of 2018.
Tesla’s deliveries are a closely watched industry number and the nearest reflection of sales, showing how many cars were actually delivered to customers.
“Challenges remain, but this is a step in the right…