Tesla delivered 95,200 of its electric vehicles in the second quarter, a dramatic reversal from a disappointing first period that set a new record and beat analysts’ expectations.
Analysts expected Tesla to deliver 91,000 vehicles during the second quarter, according to estimates compiled by FactSet.
The record-breaking figures stand in stark contrast to the company’s first quarter delivery numbers when it reported deliveries of 63,000 vehicles, nearly a one-third drop from the previous period. The low numbers signaled what was to come: wider-than-expected loss of $702 million driven by disappointing delivery numbers, costs and pricing adjustments to its vehicles.
The second quarter, at least in terms of deliveries, is giving a rosier view of the company and possibly its earnings, which have yet to be reported.
Tesla also reported that it produced 87,048 vehicles in the second quarter compared to 77,100 in the previous period. The second-quarter production figure also beats the company’s fourth quarter stats of 86,555 vehicles.
Tesla reported that it made “significant progress” streamlining its global logistics and delivery operations at higher volumes — a major pinch point for the company. Tesla said this has improved cost efficiencies and improvements to their working capital position.
The company also signaled that this record would not be a blip. Orders in the second quarter exceeded deliveries, which means Tesla is entering the third quarter with a backlog.
Customer vehicles in transit at the end of the quarter were more than 7,400, according to Tesla. The company says it doesn’t plan to disclose the customer vehicles in transit metric going forward.