Tesla delivers record number of electric cars in quarter, shares up 7%

Tesla Model X is seen on the second press day of the Paris auto show, in France. (Reuters)

Tesla Inc set a record for quarterly vehicle deliveries in a triumphant response to months of questions about demand for its luxury electric cars, sending shares up 7% after hours on Tuesday.

Tesla did not comment on profit, which is still elusive, but the robust deliveries could help jumpstart investor sentiment on Tesla, which has been challenged in recent months.

Before Tuesday’s after-hours spike, Tesla shares were down about a third from the beginning of the year.

Brushing aside concerns about demand that have dogged the company all year, Tesla said orders during the second quarter exceeded deliveries, despite buyers getting a smaller tax credit.

A $7,500 US federal tax credit was cut in half at the end of last year, fell to $1,875 on Monday and expires at the end of the year.

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

SHOW MORE
Last Update: 00:57 KSA 03:57 - GMT 00:57
Top