<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The S&P 500 set another record high today, in what was yet another excellent trading day for bulls. Post-market activity is similarly brisk, with many shares changing hands.” data-reactid=”11″>The S&P 500 set another record high today, in what was yet another excellent trading day for bulls. Post-market activity is similarly brisk, with many shares changing hands.
All in all, after-hours traders seem just as bullish as those who pumped up the markets during business hours. There are numerous good reasons for this, specifically…
A Tesla Model S. Image source: Tesla.
Tesla deliveries smash estimates
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The many doubters of Tesla (NASDAQ: TSLA) are keeping a low profile tonight following the company’s latest operational update. After markets closed, the high-profile electric-car maker released the production and delivery figures from its second quarter. For the period, the company produced 87,048 vehicles and delivered 95,200. Both results were record highs for Tesla.” data-reactid=”26″>The many doubters of Tesla (NASDAQ: TSLA) are keeping a low profile tonight following the company’s latest operational update. After markets closed, the high-profile electric-car maker released the production and delivery figures from its second quarter. For the period, the company produced 87,048 vehicles and delivered 95,200. Both results were record highs for Tesla.
They were also significantly higher than those in the same quarter of 2018. In that period, Tesla produced 53,339 cars and delivered 40,740.
Among the vehicle models, the second-quarter 2019 numbers break down like so:
| Car Model | Vehicles Produced | Vehicles Delivered |
|---|---|---|
| Model S/X | 14,517 | 17,650 |
| Model 3 | 72,531 | 77,550 |
| TOTAL | 87,048 | 95,200 |
Data source: Tesla.
The company added that in the second quarter, it took in more orders than it could deliver. As a result, as it entered its current third quarter, its order backlog increased. However, “[w]e believe we are well positioned to continue growing total production and deliveries in Q3,” wrote Tesla in the press release unveiling the numbers.
The company’s 95,200 total deliveries well exceeded the average analyst estimate of 91,000. According to MarketWatch.com, citing FactSet data, this is the most convincing beat in over three years.
Tesla did not provide any financial data along with the operational figures. It said this will occur when it releases Q2 results.
Understandably, Tesla is one of the most actively traded stocks this evening. It’s currently up 7% over its closing market price.
Waymo self-driving cars get California permit
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Today, California's Public Utilities Commission granted a permit to Alphabet‘s (NASDAQ: GOOG)(NASDAQ: GOOGL) Waymo unit to function as a charter-party carrier of passengers. In other words, its self-driving cars will be allowed to shuttle passengers when operating within the state. The permit is valid for three years.” data-reactid=”37″>Today, California’s Public Utilities Commission granted a permit to Alphabet‘s (NASDAQ: GOOG)(NASDAQ: GOOGL) Waymo unit to function as a charter-party carrier of passengers. In other words, its self-driving cars will be allowed to shuttle passengers when operating within the state. The permit is valid for three years.
That permission comes with several important caveats, though. The Alphabet unit will not be allowed to charge its passengers a fare for their rides. Also, a human operator must always be present in the driver’s seat.
Those limits, though, aren’t very restrictive, and they allow Waymo a lot of scope to keep developing its autonomous technology. In turn, this will help advance the broader effort to automate vehicles.
Both classes of Alphabet stock are up slightly in after-market trading tonight.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=" More From The Motley Fool ” data-reactid=”41″> More From The Motley Fool
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Tesla. The Motley Fool has a disclosure policy.” data-reactid=”49″>Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Tesla. The Motley Fool has a disclosure policy.
Add Comment