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Wednesday 3 July 2019

Tesla paces record quarter for deliveries thanks to Model 3 gains

Tesla saw a record quarter for deliveries, the company said early July,  alleviating the worst fears about demand for the Elon Musk-led company’s electric vehicles.

The Model 3 maker handed over 95,200 cars to customers in the three months that ended in June, exceeding the previous best mark set in the last quarter of 2018. Tesla’s delivery count exceeded all but one analyst’s estimate in a Bloomberg News survey.

While the results go a long way toward contradicting Tesla’s doubters, it remains to be seen whether this level of demand is sustainable — or profitable. The US$3,750 U.S. federal tax credit buyers were eligible for was cut by half beginning July 1, and deliveries tailed off the last time the incentive shrank. Musk also has said the company will post a loss for the quarter, then report positive earnings in the second half.

Read more on driving.ca


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