This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Energy storage, collecting and electric automaker Tesla Inc (NASDAQ:TSLA) has had a great run on the stock market last month, as Wall Street analysts expressed their enthusiasm for the company's Shanghai-based Gigafactory 3. The plant is expected to iron out all delivery and production problems that Tesla has faced by allowing it to smoothly operate in the East Asian country, avoid import tariffs and reduce manufacturing costs.
Tesla's team has been working hard in December's tail-end as the company looked to meet or beat its production estimates for the calendar year 2019's final quarter. Now, a fresh 8K filing by the Palo Alto-based company lays bare its vehicle output for the quarter. Take a look below for more details.
Tesla Inches Past Vehicle DeliveryTargets For Fourth Quarter Set Earlier This Year; Stock Price Smashes Past 52-week High Price Record By Trading At $449.35
During the final weeks of December, Tesla (NASDAQ:TSLA) continually beat and set new one-year stock price records. Now, with Tesla's vehicle production and delivery figures for 2019's fourth quarter official, its stock is once again climbing to new highs. The details of an 8K filing from the manufacturer show that it produced and delivered 104,891 and 112,000 vehicles in this quarter.
The bulk of the vehicles produced and delivered belong to Tesla's Model 3 lineup, with the company having produced and delivered 86,958 and 92,550 Model 3 units, respectively. The remainder of the vehicles belong to Tesla's Model X and Model S lineups.
Adding today's numbers to Tesla's vehicle deliveries for the year's previous three quarters shows that the company delivered 367,500 vehicles in 2019. This figure sits at the low end of the 360,000 - 400,000 delivery target that Tesla had set for itself at the start of the year. In addition to providing details about its vehicle delivery and production figures, Tesla also shared two figures related to the Gigafactory 3's output.
As per the details, Tesla (NASDAQ:TSLA) has produced nearly 1,000 vehicles from the plant so far, and it has also demonstrated the ability to produce 3,000 vehicles in the Gigafactory each week. The latter figure does not involve battery pack production, which, according to today's filing, commenced during the final weeks of December.
In its fourth-quarter of 2018, Tesla (NASDAQ:TSLA) produced and delivered 86,555 and 90,700 vehicles, respectively. The company also dominated the American electric vehicle market in the quarter, with approximately eight Teslas being delivered for one non-Tesla electric vehicles. Additionally, while a weekly run rate of 3,000 vehicles/week from the Shanghai Gigafactory is important, it's only one piece of Tesla's production promises made by the company exactly one year back.
Tesla hoped to produce 7,000 Model 3 units in its Fremont-based Gigafactory by the end of last year, and the Gigafactory 3's final production target is set at 10,000 vehicles per week. The company also aims to produce 500,000 annual Model 3 units from the Chinese Gigafactory by the end of 2020's second quarter. As Tesla's earnings results for the fourth quarter head near, it's looking as if the company is on target to report another profitable quarter.
Thoughts? Let us know what you think in the comments section below, and keep in mind that all opinions expressed in this post do not constitute investment advice. Stay tuned for the latest.