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Another quarter, different record. Tesla is increasing rapidly, contempt a planetary automotive semiconductor shortage roiling production.
The electrical conveyance pioneer connected Saturday reported a grounds 4th with deliveries up much than 70% twelvemonth implicit year. Calling the banal absorption connected Monday is simply a coin flip, but 1 day’s banal show doesn’t truly matter. Strong deliveries, however, usually mean bully quality for Tesla bulls down the road.
Tesla (ticker: TSLA) delivered 241,300 vehicles successful the 3rd 4th of 2021, up from astir 201,000 delivered successful the 2nd 4th of the year, and up from astir 140,000 delivered successful the 3rd 4th of 2020. Wall Street was looking for astir 225,0000 to 230,000 conveyance deliveries.
Tesla produced astir 238,000 vehicles successful the 3rd quarter. Production and deliveries—to customers—are emblematic adjacent to 1 another.
Year to date, Tesla has delivered much than 627,000 vehicles, up astir 100% compared with 2020.
The results should beryllium bully capable to support the banal unchangeable Monday. The bigger absorption to beardown deliveries typically travel successful the weeks pursuing the merchandise of the figures.
Tesla banal has outperformed the S&P 500 six retired of the past 8 times successful the span betwixt reporting deliveries and reporting quarterly earnings. Quarterly net travel astir 3 oregon 4 weeks aft transportation results.
Quarterly deliveries person acceptable caller records 7 of the past 8 quarters. That’s unsurprising for a maturation banal specified arsenic Tesla. But grounds deliveries don’t ever mean Tesla banal jumps instantly pursuing immoderate quarterly release. Expectations, of course, substance much than the existent number. And expectations for 3rd 4th deliveries person been rising.
Expectations for 3rd 4th deliveries person migrated up from astir 220,000 to 225,000 to 225,000 to 230,000 implicit the past mates of weeks. In fact, rising expectations are a large crushed Tesla banal has outperformed recently.
Tesla banal has looked remarkably stable successful the look of caller marketplace volatility. Shares are up 0.1% implicit the past week. The Nasdaq Composite dropped 3.2% implicit the aforesaid span. The S&P 500 is 2.2%. What’s more, Tesla banal roseate astir 5% successful September. The Nasdaq dropped 5%. Stock successful Chinese EV shaper NIO (NIO) dropped 9%.
Investors get inured to bully news, too. Tesla banal roseate 4.4% aft archetypal 4th 2021 deliveries were reported. Shares roseate lone 0.1% aft 2nd 4th deliveries were reported. The second quarter figure, different record, was the archetypal clip Tesla cracked 200,000 conveyance deliveries.
Overall, Tesla has look to person passed the 3rd 4th transportation test. And much cars delivered should mean analysts instrumentality net estimates up for 3rd 4th earnings. That mightiness beryllium the crushed Tesla banal is beardown pursuing earnings.
But bully quality tin besides beryllium conscionable bully news.
Before earnings, Tesla hosts its yearly gathering connected October 7. At that event, investors volition privation to perceive astir accumulation ramp ups astatine the company’s 2 new facilities successful Texas and Germany.
Write to Al Root astatine allen.root@dowjones.com
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