Actions of Tesla (NASDAQ: TSLA) jumped on Monday. Although the stock was up 5.4%, shares were up 4.4% at 1:10 p.m. EST.
The gain in growth stock follows a report from the Electrek electric vehicle information website indicating that Tesla has “already met its target of Model S and Model X deliveries” in the fourth quarter (Q4), allowing employees to focus all of their efforts on the production and deliveries of the higher volume Model 3 and Model Y vehicles. society.
As Tesla employees redouble their efforts to produce and ship as many Model 3 and Model Y vehicles as possible by the end of the fourth quarter, Electrek notes that Tesla’s lofty goals of 500,000 vehicles this year appear more achievable.
To meet its goal of 500,000 vehicles this year, Tesla is expected to deliver more than 181,000 vehicles in the fourth quarter. This would be an increase from less than 140,000 vehicles in the previous quarter and from about 91,000 vehicles two quarters ago.
As Tesla shares have risen nearly 800% in the past 12 months, the pressure is on the electric carmaker to post strong fourth quarter results.
Investors will receive an update on Tesla’s quarterly vehicle deliveries at some point in the early days of January, with management releasing quarterly delivery figures within three days of the end of each quarter.