Tesla, Inc. (NASDAQ: TSLA) released Q2 results after the market close on Wednesday, sending shares up 7%.
The main cause of joy comes from the $3 billion in cash the company has at the end of the quarter, which can be redistributed for growth in projects like Supercharge stations. Additionally, the Model 3 is expected to reach estimated order quota, as well as expected increased Model S and Model X deliveries in 2H-17 and 1H-18. The rollout of the Model 3 has apparently stimulated growth of Model S and Model X orders by 15% the over Q2 average weekly order statistic, helping allay fears of the Model 3 pricing out the two established luxury vehicle options from Tesla. “In addition to the increased orders for Model S and Model X, customer response to Model 3 has been overwhelming. Since the handover event last week, we are averaging over 1,800 net Model 3 reservations per day.” Elon Musk boasts.
Aside from the automotive successes, Tesla has started rolling out the Solar Roof Installations for employees, with plans on further establishing these, as well as the Powerwall. The company has also freed up $67 million in capital from operating expenses, which came as a result of acquisitions in Q1. After all that, Musk might be laughing at Wall Street hedge funds that, according to estimates from S3, have lost a collective $607 million betting against him.