In early 2019, Tesla seemed to be stuck in a ditch. As part of a settlement agreement, Musk was required to pay a $20 million fine, step down as Tesla's chairman for three years and have some of his tweets pre-approved by a company lawyer. It slowed spending on new models, and even analysts who had once been very bullish about the company's prospects soured on it.
Hours after a federal judge signed off on the amended deal in April 2019, then-SEC Commissioner Robert Jackson publicly criticized it, saying in a statement that Musk had not been sufficiently punished for failing to adhere to restrictions on his social media use. But the electric vehicle pioneer seems to finally have hit its stride.
San Francisco, July 2 (SocialNews.XYZ) Tesla stocks were up 9 per cent on Thursday after the electric vehicle maker posted stronger-than-expected quarterly deliveries. "Really makes a difference for every vehicle you build and deliver", said Musk. "That's no longer a question".
The skeptics might have more faith in Tesla's new position as the leader of the automaker pack when Musk stops his provocations and his shareholders stop getting giddy over modest good news.
Yet in the second quarter of 2020, Tesla delivered 91,000 vehicles - about 5 per cent fewer than the same period previous year.
Tesla produced 103,000 vehicles in the first quarter, or about 4% of the nearly 2.4 million made by Toyota, which built its brand on affordability and reliability backed by innovations in large-scale manufacturing. "Final numbers could vary by up to 0.5% or more". Two months later, the company restarted production earlier than it was authorized to do so after Musk criticized stay-at-home orders as "fascist".
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The Palo Alto-based company said it delivered 90,650 vehicles in the June quarter. That would be significantly higher than the company's sales of 367,500 previous year.
In point of fact, Tesla Inc. stocks had soared more than 5 per cent in early morning United States trading hours to reach an all-time record high of $1,133 per share, eventually uplifting the company's market cap to $209.47 billion, roughly 3 per cent higher than the market cap of Toyota Motors Corp.
Musk is clearly taunting the SEC and Tesla shorters after Tesla stock price hit an all-time high of $1,221.48 yesterday, making Tesla the most valuable carmaker globally.
That is roughly $4bn more than Toyota's current stock market value.
This was already after it closed up 3.7% to $1,119.63, raising its market capitalization past Japanese automaker Toyota to become the world's most valuable automaker. In the first quarter of this year, prior to the full force of the pandemic, Tesla made more vehicles than it sold with 102,672 units produced, and 88,400 delivered.
But a Wall Street analyst is arguing that the stock could still rise another 66% in the next 12 months to reach $ 2,000.