Tesla Stock Soars to a New All-time High on Robust Deliveries

Tesla stock price jumped to a fresh all-time high after the electric vehicle company reported higher than expected deliveries for the second quarter despite lockdowns.

Its second-quarter deliveries came in at 90.65K vehicles compared to the estimates for 83K deliveries. However, lockdowns have slashed their production potential in the second quarter. Its Q2 production stood at 82.27K vehicles, down 20% from the previous quarter.

Tesla stock price hit a new record level of $1,228 in intraday trading before retreating to $1208 to end the Thursday trading. Shares of Tesla jumped massively in the past three months after bottoming around $300 level in March.

Tesla is among the best performers over the past couple of months as investors have been showing confidence in product innovation and production efficiencies.

The company’s announcement of ramping up the plan of building the Giga factory in Berlin added to investor’s sentiments. Its plan now excludes manufacturing plastic parts and batteries because of concerns from political and environmental-related authorities. Tesla has also increased its land acquisition plans from 155 hectares to 190 hectares.

On the other hand, the electric vehicle company plans to improve car sales in China by offering lower prices. It has slashed the Model S price in China to 756.9K from 764.9K yuan while the price of the Model X dropped from 780.9K to 772.9K.

CEO Elon Musk has issued fresh taunts to the Securities and Exchange Commission on Thursday.

Musk tweeted “Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times,” and “SEC, three-letter acronym, the middle word is Elon’s.” SEC has previously sued Elon Musk over the “funding secured” tweets in 2018.