Tesla beats expectations and delivers 11,507 Model S’s in Q2, 52% increase over last year

Early today, Tesla Motors announced that they have delivered 11,507 Model S units during the second quarter 0f 2015. This is a 52% increase over the same quarter last year and beats the company’s own expectation of 10,000 to 11,000 units.

 During pre-market trading, Tesla’s stock was trading 2.4% higher right after the announcement. Wall-Street analysts were expecting Tesla to meet their own guidance. Baird analyst Ben Kallo is one of the most optimistic analyst about Tesla’s potential, he has an outperform rating and $335 price target on Tesla (currently trading at ~$270). Earlier this week, Kallo confirmed in a note that he expected Tesla to deliver about 10,500 cars in Q2.

When Tesla discussed their Q1 results last May, the company said it expected to produce 12,500 vehicles during the second quarter of the year, the significant difference between deliveries and production is explained by the increased number of vehicles in transit, mainly on their way to Europe and Asia.

Last quarter, Tesla delivered 10,045 units for automotive revenues of $893 million. If the car manufacturer maintains the same average price per car, they could see their quarterly revenues increase to over $1 billion for the first time.

The company expects to significantly increase deliveries during the second half of the year for expected total deliveries of 55,000 units.

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