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Author: Alan LittleDate: 2021-07-05

Tesla (TSLA) +0.14% after delivering record number of cars in Q2

Tesla (TSLA) delivered a record number of vehicles in Q2 “despite many challenges” as the electric car company’s shares closed 0.14% higher on the Nasdaq on Friday.

During the last three months, Tesla delivered 201,250 vehicles, which is 9% higher than Q1 and 122% more than a year ago, though just shy of the 201,820 Wall Street consensus.

CEO Elon Musk congratulated his team in a tweet posted on Friday afternoon (2nd July) and noted that there were “many challenges” during the quarter.

Musk previously revealed that Tesla had struggled with “industry-wide” supply chain pressures and logistical challenges, which had forced a rise in its vehicle prices.

Tesla produced a total of 206,421 cars in Q2, with the vast majority being its more affordable Model 3 and Y, along with a smaller number (2,340) of Model S and X.

It’s the second quarter in a row that Tesla has posted a record after setting the previous high in Q1 with 184,800 vehicles.

Tesla has been sharply increasing its capacity for production after opening its new gigafactory in Shanghai to complement its US-based plant in Fremont, California.

Last month, Musk revealed that it would “soon” be able to produce “several hundred” of its more premium Model S every week.

The quarterly updates don’t break down manufacturing or shipments by region though, so investors cannot yet see how each location contributes to the overall figures.

Tesla’s shares traded higher for the majority of the final session of last week.

After a brief spike in the morning, TSLA shares settled down in the afternoon and just about finished up 0.14% at $678.90.

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