Shares of Tesla Inc. (NASDAQ: TSLA) were up 3.7% in midday trade on Friday after the company reported fourth quarter 2019 vehicle deliveries that were ahead of analysts’ estimates.
During the quarter, Tesla achieved production of 104,891 vehicles and deliveries of 112,000 vehicles. In 2019, deliveries totaled approx. 367,500 vehicles, which was up 50% compared to the previous year and in line with the company’s guidance.
In the fourth quarter, Tesla produced 17,933 Model S/X vehicles and 86,958 Model 3 vehicles. The company delivered 19,450 Model S/X vehicles and 92,550 Model 3 vehicles during the period.
This compares to total production of 96,155 vehicles and deliveries of 97,000 vehicles in the third quarter of 2019. The company produced 16,318 Model S/X vehicles and 79,837 Model 3 vehicles during the period while deliveries totaled 17,400 vehicles for Model S/X and 79,600 vehicles for Model 3.
In its third quarter 2019 earnings announcement, Tesla had guided for deliveries in excess of 360,000 for the year.
Tesla said it is focusing on expanding production in the US as well as its new facility in Shanghai. The company has produced almost 1,000 customer salable cars at Gigafactory Shanghai and has commenced deliveries. Tesla also said it demonstrated production run-rate capability of more than 3,000 units per week.
Over the past one year, Tesla’s shares have gained 40%.
Snap-on Incorporated (NYSE: SNA), the century-old company that makes high-end tools for the automotive industry, is unlikely to have a smooth ride in the current quarter, given the deepening turmoil
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