Tesla Shares Rise on Beat of Q4 Vehicle Delivery Estimates
Tesla delivered 112,000 vehicles to customers in the fourth quarter, the company reported Friday morning, ahead of consensus estimates for 106,000 vehicles,
The Q4 total meant Tesla delivered 367,500 vehicles for the year, allowing the EV maker to beat the low end of guidance for total deliveries in 2019, which it had earlier put at between 360,000 and 400,000.
Tesla delivered 92,550 Model 3 vehicles in the quarter, versus 19,450 Model S and Model X’s.
“This was another major feather in the cap for Musk & Co. by handily beating the Street’s 106k unit bogey in the quarter and speaking to the momentum Tesla is seeing specifically in Europe,” wrote Wedbush analyst Dan Ives in a note out Friday morning.
Shares were rising 3.1% to $443.27 in early trading Friday amid a a significant decline in stocks following the U.S. drone strike that killed Iranian general Qassem Soleimani.
Delivery estimates are a closely-watched metric for Tesla as the company continues to ramp up production, including in China, where it will soon began shipping its first cars made in the country to customers there.
Since late October, when Tesla posted a surprise profit in its third-quarter earnings report, shares of the electric vehicle maker are up almost 70%.
Tesla is scheduled to report its full fourth quarter results on Jan. 29.