By Jacob Wolinsky. Originally published at ValueWalk.
Talk about a Friday night dump is all I can say – Elon Musk just released the following minor announcement about Tesla Motors Inc. (NASDAQ:TSLA) – you can guess the news is going to be great, right? Also, do recall this is the same company which wants to bid for SolarCity Corp (NASDAQ:SCTY) so the balance sheet must be in pristine condition or they would not be attempting a buyout – that would just be plain crazy – enough sarcasm for now.
Anyway, below are some of the highlights followed by the full statement – of course nothing to see here because if the company is releasing sales figures on the Sunday of July 4th weekend when no one they cannot be trying to hide anything of course.
sales tumbled from 14,810 to just 14,370 (down 3% QoQ) – drastically missing expectations of 17,000 sold and the first QoQ drop in Tesla’s history…
- *TESLA DELIVERED 14,370 VEHICLES IN 2Q 2016 VS 17,000 FORECAST
Full statement from Tesla Motors Inc. (NASDAQ:TSLA) below.
PALO ALTO, CA — (Marketwired) — 07/03/16 — Tesla (NASDAQ: TSLA) produced 18,345 vehicles in Q2, an increase of 20% from Q1, and exited the quarter consistently producing just under 2,000 vehicles per week. Due to the steep production ramp, almost half of the quarter’s production occurred in the final four weeks.
With continued productivity improvements, Tesla expects output to reach 2,200 vehicles per week in Q3 and 2,400 vehicles per week in Q4. Current order rate trends and backlog support production at those levels. In total, Tesla expects to produce and deliver about 50,000 vehicles during the second half of 2016, approximately equal to all of 2015.
Due to the extreme production ramp in Q2 and the high mix of customer-ordered vehicles still on trucks and ships at the end of the quarter, Tesla Q2 deliveries were lower than anticipated at 14,370 vehicles, consisting of 9,745 Model S and 4,625 Model X. In total, 5,150 customer-ordered vehicles were still in transit at the end of the quarter and will be delivered in early Q3. That amount was higher than expected (there were 2,615 vehicles in transit to customers at the end of Q1) and is more than a third of the number of cars that completed delivery in Q2.
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There may be small changes to the Q2 delivery count (usually under 1%), as Tesla only counts a delivery if it is transferred to the end customer and all paperwork is correct.
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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