Tesla sets a record for sales, and its stock jumps 7%

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Tesla delivered 95,200 cars in its second quarter, a record for the company.

The numbers, released Tuesday, met the company’s own goal and easily outpaced the 63,000 cars delivered in the first three months of the year. They also far surpassed the 40,740 cars delivered to customers in the year-ago quarter, when Tesla was still struggling to ramp up production of the Model 3, its best-selling car.

Shares of Tesla (TSLA) jumped roughly 7% in after-hours trading.

Tesla’s delivery figures most closely map to sales because customers do not pay full price until they receive their car.

Wedbush analyst Dan Ives, who has a neutral rating on whether to buy or sell Tesla stock, said in a note that he was impressed by the latest sales figures — particularly by the 77,550 deliveries Tesla recorded for the Model 3. He said the Model 3, which is priced more for the mass market than Tesla’s luxury Model S and Model X SUV, “remains the linchpin of the Tesla growth story.”

The latest figures follow what was the biggest drop in sales in its history last quarter, when sales declined from the 90,700 cars Tesla sold in the last three months of 2018.

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