Tesla stock hits all-time high after delivering record number of cars

Elon Musk proves naysayers wrong yet again
Elon Musk proves naysayers wrong yet again. Like he changed the space rocket industry, he is changing the automotive industry. He built the Shanghai Gigafactory from an empty field in less than 12 months.

Tesla has announced its 2019 Q4 delivery and production numbers. The automaker delivered much higher than expected with record deliveries of 112,000.

CEO Elon Musk told employees that Tesla’s top priority was to deliver every car in inventory by the end of the year and it looks like they took him seriously.

Tesla’s previous delivery record was 97,000 cars in Q3.

It was believed that Tesla was going for a new record of 100,000 deliveries in the fourth quarter, but the automaker has now confirmed 112,000 deliveries during the last 3 months of the year.

Tesla confirmed that they have produced 104,891 vehicles during the fourth quarter (also a new record) and delivered an additional 8,000 cars:

  • Model S/X: 17,933 cars produced and 19,450 delivered
  • Model 3: 86,958 cars produced and 92,550 delivered
  • Total: 104,891 cars produced and 112,000 delivered

It adds up to 367,500 vehicles delivered in 2019, which 50% growth over the previous year, but it’s on the lower-end of Tesla’s original guidance for the year.

Tesla’s stock price (TSLA) was up by as much as 2% in pre-market trading after the delivery and production number announcement.

Here’s the full press release:

PALO ALTO, Calif., Jan. 03, 2020 (GLOBE NEWSWIRE) — In the fourth quarter, we achieved record production of almost 105,000 vehicles and record deliveries of approximately 112,000 vehicles. In 2019, we delivered approximately 367,500 vehicles, 50% more than the previous year and in line with our full year guidance.

Production Deliveries Subject to lease accounting
Model S/X 17,933 19,450 14%
Model 3 86,958 92,550 7%
Total 104,891 112,000 8%

We continue to focus on expanding production in both the US as well as our newly launched facility in Shanghai. Despite breaking ground at Gigafactory Shanghai less than 12 months ago, we have already produced just under 1,000 customer salable cars and have begun deliveries. We have also demonstrated production run-rate capability of greater than 3,000 units per week, excluding local battery pack production which began in late December.

Lastly, we want to thank our customers, employees, suppliers, shareholders and supporters who made another record-breaking year possible.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q4 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

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