Tesla Motors, Inc. (TSLA - Free Report) delivered 15,800 Model S and 8,700 Model X vehicles in the third quarter of 2016. The total of 24,500 vehicles delivered during the quarter is significantly higher than 14,402 units delivered in the second quarter of 2016.
Nearly 5,500 vehicles were in transit to customers at quarter end. These vehicles will be delivered in the fourth quarter.
Tesla produced 25,185 vehicles in the third quarter, representing a 37% improvement from the second quarter.
The company expects to marginally increase production and delivery volume in the fourth quarter. This means that volumes will be very close to the target of 50,000 units for the second half of the year.
Tesla stated that it counts a delivery only after the vehicle is handed over to the end customer and the paperwork is accurate. This may lead to a marginal revision (less than 1%) in the delivery figure. The company further clarified that its quarterly financial results do not depend solely on vehicle deliveries, but also on other factors such as cost of sales, foreign exchange movements and mix of directly leased vehicles.
Tesla started reporting its quarterly vehicle delivery data from the first quarter of 2015 in order to dispel incorrect estimates usually made using erroneous information sources. The electric carmaker now reports its vehicle delivery volume within three days of every quarter end.
Tesla currently carries a Zacks Rank #3 (Hold). Some better-ranked auto stocks include Cooper-Standard Holdings Inc. (CPS - Free Report) , Standard Motor Products Inc. (SMP - Free Report) and Douglas Dynamics, Inc. (PLOW - Free Report) .
Cooper-Standard has witnessed positive estimate revisions in the last 60 days. It also posted positive earnings surprises in the last four quarters, resulting in an average beat of 51.17%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Standard Motor Products, a Zacks Rank #1 stock, has witnessed positive estimate revisions in the last 60 days. The company has a long-term expected EPS growth rate of 15%, which is better than the industry average of 12.3%.
Douglas Dynamics has seen its estimates move north in the last 60 days. The stock sports a Zacks Rank #1.
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