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Tesla saw a record quarter for deliveries, the company said early July, alleviating the worst fears about demand for the Elon Musk-led companys electric vehicles.The Model 3 maker handed over 95,200 cars to customers in the three months that ended in June, exceeding the previous best mark set in the last quarter of 2018. Teslas delivery count exceeded all but one analysts estimate in a Bloomberg News survey.While the results go a long way toward contradicting Teslas doubters, it remains to be seen whether this level of demand is sustainable or profitable. The US$3,750 U.S. federal tax credit buyers were eligible for was cut by half beginning July 1, and deliveries tailed off the last time the incentive shrank. Musk also has said the company will post a loss for the quarter, then report positive earnings in the second half.Tesla also left out of its statement any mention of its full-year forecast for 360,000 to 400,000 deliveries, a projection it re-affirmed in its release a quarter ago. Tesla representatives didnt respond when asked whether the company is sticking with its guidance. It will have to average more than 100,000 units per quarter in the second half to reach the low end of the range.Musk, 48, urged employees to go all out in the final days of Teslas first full quarter in which Model 3s made their way to buyers in Europe and China. Overseas demand contributed to deliveries of the sedan jumping to 77,550 units, more than all the vehicles Tesla handed over in the first quarter.The big picture is that something is happening around electric vehicles, said Gene Munster, a managing partner of venture capital firm Loup Ventures and longtime Tesla bull. The Model 3 is on fire.Several analysts raised their delivery estimates as the quarter came to an end, citing brisk sales to key European markets including Norway and the Netherlands, as well as the effect of incentives that Canada began offering in May to stoke purchases of battery-powered cars. Tesla doesnt break down deliveries by region in its release.One reason Wall Street remains concerned about Teslas profitability is shrinking demand for the higher-margin Model S and Model X. Combined deliveries dropped to 17,650 in the quarter, down more than 20 per cent from a year ago. Investors are concerned the cheaper Model 3 is cannibalizing the companys more lucrative vehicles.Tesla also said orders exceeded deliveries during the quarter and it expects to boost production and hand over more cars in the next three months. The number of vehicles in transit at the end of June was more than 7,400.Teslas Model 3 sales are far outpacing rivals. General Motors sold just 3,965 of its all-electric Chevrolet Bolt in the second quarter, while Volkswagens Audi delivered just 1,835 battery-powered E-Tron
Origin: Tesla paces record quarter for deliveries thanks to Model 3 gains

Elon Musk, co-founder and chief executive officer of Tesla Inc., arrives in a modified Tesla Model X electric vehicle during an unveiling event for the Boring Company Hawthorne tunnel in California last December.Robyn Beck / AFP/Getty Images Tesla has reported a net loss of US$702 million dollars through the first three months of 2019, eclipsing the profits earned in the previous quarter by nearly six times. Elon Musk claimed this past February that Tesla would earn money every quarter of this year, but it seems like he may have been a bit overzealous with those predictions. Current revenue for this quarter came in at US$4.54 billion, down from the US$7.23 billion of the previous quarter. The massive losses can be attributed to a 31 percent drop in deliveries from the previous quarter which saw a US$139.5 million profit. Nearly 63,000 units were sold; 50,900 were Model 3s, while the rest were the more expensive Model S and X vehicles. The Model 3 in particular has been notoriously difficult to get off the production line, which has resulted in fewer deliveries. These losses also aren’t new territory for Tesla — it posted a US$710 billion loss in the first quarter of 2018. According to Automotive News, Tesla has been trying to claw back some of the cash by closing stores, laying off employees, and transferring to online-only sales. The brand also no longer benefits from federal tax rebates, meaning interest has somewhat shifted away from the California brand and onto its EV rivals from Germany. Despite Tesla introducing full self-driving to its customers just a few days ago, along with Musk claiming that one million robo-taxis will be on U.S. roads next year, the company appears to be losing steam and will need to raise some cash to keep operations going. Tesla also announced they would be building lower-priced versions of the Model S and X, and a new insurance product that Musk claims will be much more compelling than anything else out there.” Oh, and a quiet, electric leaf blower,
Origin: Tesla losses reach US$702 million as deliveries dry up