Tesla Motors Inc Surges On Model S Deliveries News

Tesla Motors Inc Surges On Model S Deliveries News

Tesla Motors reported that its Model S deliveries increased 52% to 11,507 units during the second quarter of this year. The electric car manufacturer beat its vehicle delivery forecast of around 10,000 to 11,000 units for the period.

During the first quarter, the electric car manufacturer delivered 10,030 vehicles. Adding its vehicle deliveries for both quarters, Tesla Motors already delivered a total of 21,552 units of Model S during the first six months of 2015. The electric car manufacturer aims to sell 55,000 vehicles this year.

In its statement, Tesla Motors reminded investors regarding the small potential changes in its delivery count (usually less than 1%). The electric car manufacturer explained that it only counts a delivery when the vehicle has been transferred to the end customers, and all documentation is correct.

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The electric car manufacturer added that its delivery count is just one measure of its financial performance, and should not be considered as an indicator of its quarterly financial results. Tesla Motors emphasized that its financial performance depend on various factors including the cost of sales, foreign currency changes, and a mix of directly leased vehicles.

Tesla stock performance

The shares Tesla Motors were trading higher following the release of its vehicle delivery count for the second quarter. The stock price of the electric car manufacturer increased 2.56% to $276.05 per share around 12:10 in the afternoon in New York. The stock climbed as much as $282.45 per share earlier today.

Over the past 52 weeks, the shares of Tesla Motors traded between $181.40 and $291.42 per share. The electric car manufacturer gained more than 24% year-to-date.

Tesla shares expected to trade around $300 to $400 per share

Credit Suisse analyst Dan Galves recently raised his price target for the shares of Tesla Motors from $290 to $325 per share and reiterated his Outperform rating. He also suggested that the stock could trade as much as $400 per share over the next 12 to 18 months.

Yesterday, Rich Ross, head of technical analysis Evercore Partners ISI suggested that Tesla Motors could reach $300 per share citing the reason that the shares of the company “held up like a rock against the backdrop of this uptick in macro volatility.”

Elon Musk donates $10 million for AI research

Separately, Tesla Motors CEO Elon Musk donated $10 million to the Future of Life Institute to conduct a global research program focused on keeping Artificial Intelligence beneficial to humanity.

According to Musk, he supports the call of leading AI researchers to conduct research focused on ensuring that AI systems are robust and beneficial.

“Here are all these leading AI researchers saying that AI safety is important. I agree with them, so I’m today committing $10M to support research aimed at keeping AI beneficial for humanity,” said Musk.

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