Tesla (NASDAQ: TSLA) shares traded higher by more than 2% to $795 Monday afternoon after the electric vehicle maker’s founder and CEO Elon Musk told his employees that this week will mark the company’s “most intense delivery week ever.”
In a short email he sent over the weekend, Musk thanked Tesla workers for the “hardcore delivery push.” The email, first obtained by Electrek , follows Musk’s disclosure that earlier in the quarter production of electric cars had slowed due to parts-supply-chain issues.
The parts were later added by service teams, contributing to the delivery backup at the end of the quarter.
Musk said that Tesla could let more deliveries slip into next year. He also noted that delivery pushes should be “hopefully, a lot easier next quarter,” the publication reported.
Electrek pointed out that since Tesla’s sales model involves selling its own cars through its own Tesla-branded stores, as opposed to going through the traditional dealership system, the company owns their vehicles until they are fully delivered to the buyers and paid for.
It remains to be seen how Tesla’s quarterly numbers will look like. The expectation is for the EV maker — which accounts for the majority of electric vehicle sales on the global stage — to once again post a green quarter. However, it’s hard to project how badly the company’s manufacturing ability was affected by supply-chain issues and if the delivery wave involving Europe, North America and Main Land China was enough for it to show profits. That said, we should be able to get more information on Tesla’s delivery numbers in a few days.
Tesla Price Action
As of writing, Tesla shares are down pre-market/$14.71, or 1.86%, to $776.99. The $762 billion market cap company trades at 111x forward 12-month EPS estimates. Trailing-12 P/E prints 412x. Tesla’s 52-week range is $379.11 – $900.40.