Tesla posts record vehicle deliveries in the second quarter

Tesla’s (TSLA) vehicle deliveries for the second quarter of 2019 topped Wall Street’s expectations, sending shares higher during after-hours trading.

The electric car-maker reported Tuesday that it delivered 95,200 vehicles in the three months ending in June, besting consensus analyst expectations for about 88,000 deliveries, according to Bloomberg-compiled data.

The results were in-line with estimates Tesla provided in its April update letter, when the company guided for between 90,000 and 100,000 deliveries during the second quarter.

The Palo Alto, California-based company’s second quarter delivery figures surpassed the previous all-time record set during the fourth quarter of 2018, when deliveries totaled 90,700.

Shares of Tesla surged more than 7% during extended trading immediately following the company’s report.

Tesla’s second-quarter results mark a rebound from the company’s disappointing figures reported earlier this year. First-quarter deliveries totaled just 63,000 in the first three months of the year, representing a quarter-over-quarter decline and missing consensus expectations.

Deliveries of Tesla’s Model 3 vehicles increased 52% from the first quarter to 77,550. Meanwhile, combined Model S and X vehicle deliveries rose 25% to 17,650 in the second quarter.

Vehicle production also hit a new quarterly record of 87,048, the company said. Tesla noted that orders created during the quarter exceeded deliveries, leading to an increase in its order backlog heading into the third quarter.

“We believe we are well positioned to continue growing total production and deliveries in Q3,” the company said in a statement.

In April, Tesla said it planned to see between 360,000 and 400,000 total vehicle deliveries in 2019. This would mark an increase of between 45% to 65% compared to 2018.

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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