Tesla shares accelerate as car deliveries top estimates
Shares in Tesla popped eight per cent as trading began today, after it posted second-quarter delivery numbers that surpassed expectations.
Tesla delivered 90,650 vehicles during the quarter, above estimates of 74,130 vehicles, according to Refinitiv data.
It delivered 80,050 units of its new Model Y sport utility vehicle and Model 3 sedan for the quarter.
This was despite its main Fremont factory in California being closed for most of the period due to coronavirus restrictions.
“We have successfully ramped production back to prior levels,” the electric carmaker added in a statement.
Tesla yesterday became the world’s most valuable carmaker, overtaking Toyota after a share rally with a market valuation of more than $208bn.
Tesla’s shares have risen more than 160 per cent in the year to date, while Toyota’s have fallen approximately 14 per cent.
The firm continues to buck the trend, as car sales around the world have slumped as the pandemic weighs on both production and consumer spending.
Hargreaves Lansdown equity analyst Nicholas Hyett said: “For all its operational excellence we continue to struggle with Tesla’s valuation. Its shares trade on 147 times next year’s profits, compared to the 13.7 times for rival Toyota from whom Tesla recently claimed the crown of most valuable automotive manufacturer.
“That implies massive growth over the coming years, even as traditional car manufacturers bring increasingly competitive rival models to market.”