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Tesla (TSLA) could rally on Monday after record Q3 deliveries
Tesla closed 0.034% lower on Friday, but record Q3 deliveries posted over the weekend quelled supply chain fears and could lead to share gains in today’s trading.
Tesla (TSLA) shares were poised to move higher today after the electric carmaker posted record-breaking deliveries for Q3 over the weekend.
During Q3, Tesla shipped 241,300 new vehicles despite fears that global supply chain challenges had put the brakes on production at its gigafactories.
The latest figure was an impressive 73.2% hike from a year ago and 20% more than Q2 when just over 201,250 vehicles were delivered, while also being around 11,000 up on the analysts’ consensus of 230,000.
After unveiling the numbers, Tesla said: “We would like to thank our customers for their patience as we work through global supply chain and logistics challenges.”
The more affordable Model 3 and Model Y cars made up the vast majority of shipments in Q3, though thousands of the premium Model S and Model X were also made.
Tesla’s all-time quarterly high comes days after CEO Elon Musk said that the California-based company was in the midst of a “hardcore delivery push”.
It also suggests that concerns about the “extreme” supply chain issues, which were noted by Musk in the summer, have not yet had a major impact on rates of production.
On the stock market on Friday, Tesla shares closed 0.034% lower at $775.22, but the record numbers could boost investor sentiment today on the Nasdaq.
Several companies made notable gains on Friday, including Pinterest (PINS), which climbed 4.3% after RBC Capital Markets analyst Brad Erickson praised the social media company and set a $58 price target and sector perform rating in new coverage.
Pharmaceutical company Merck (MRK) and US airline Southwest Airlines (LUV) also rose 8% and 3.2%, respectively.
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