Hey everybody Rob Maower here and today we're of course talking about

Tesla's Q2 delivery and production report which Tesla released before market

open today and the market's reaction so far has been quite positive with Tesla stock up

about 8% or $90 per share just after market open as I am recording.

Humorously enough the lowest price target on Tesla stock on Wall Street is $87 per share so in the matter of a few

hours Tesla has added the entire value of that lowest price target.

So let's look at the numbers here for those of you that I haven't seen it yet.

Tesla delivered 90,650 vehicles in Q2.

That was well above FACTS that consensus estimates of 72,000 vehicles,

as well as above reports of whisper numbers

in the 80,000 range.

For production, Tesla reported 82,272 vehicles produced in Q2.

All right, so let's get into these numbers a little bit,

as we talked about earlier this week my forecast for

production and for deliveries was about 94,000 and 96,000 respectively but even though

the numbers did come in a fair amount below my most recent estimates. These are still very strong numbers from Tesla.

The 90.6,000 delivery number is up about 2.5% quarter over quarter from Q1, and it's only down

about 5% from Q2 of 2019 year over year despite the obvious challenges with a global pandemic.

In fact if we look at the total first half of 2020 so Q1 and Q2 combined, Tesla has delivered about 179,000 vehicles,

up 13% from 2019.

Tesla's production in the first half of the year is up very similarly, up 13% from last year to 185,000 vehicles produced.

These increases have happened despite the fact that Tesla's Fremont factory was closed for about seven weeks during the first half of the year or more than 25% of that time.

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