Tesla Inc beat expectations for deliveries of its Model 3 sedan in the second quarter, a performance that could ease concerns about demand for the new electric sedan.
Musk is struggling to convince investors that demand remains high for Tesla cars and that it can be delivered efficiently and swiftly to customers around the world.
Tesla has been trying to make up for a difficult first quarter, in which deliveries plunged and the company lost $702 million.
The company said earlier this year it would turn a profit in the second half of 2019, a delay from earlier projections. The company has said it will deliver 360,000 to 400,000 vehicles in 2019, a goal many analysts predict will be difficult to meet.
Overall, total production rose 13% to 87,048 vehicles compared to the first quarter. The company churned out 72,531 Model 3s in the second quarter, up from a total of 62,950 Model 3s in the preceding quarter.
Tesla has many doubters on Wall Street who would love to see the company fail. This is no more apparent then short interest around $10 billion or about 30 million shares shorted (25% of float) making it one of the most shorted stocks in the U.S. market and once upon a time, the most shorted stock in U.S. Market history.
However, Elon has one this battle as I anticipate a spike in price at the open as some short sellers cover their position and will have to buy the stock back.
The chart suggests price will higher to the short term target at $260.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.