The shares of Tesla Motors Inc (NASDAQ:TSLA) climbed after surpassing its vehicle delivery forecast for the second quarter of 2015.
The stock price of the electric car manufacturer were trading $275.32 per share, up by more than 2% at the time of this writing, around 10:38 in the morning in New York.
Tesla Motors gained more than 23% of stock value year-to-date. Wall Street analysts believed that the stock price of the company could reach $300 to as much as $400 per share over the next 12 to 18 months.
Tesla vehicle deliveries increases 52%
Tesla Motors reported that its vehicle deliveries increased 52% during the second quarter. The company delivered 11,507 Model S units, higher than its forecasted 10,000 to 11,000 units for the quarter.
The electric car manufacturer indicated the possibility of small changes to its delivery count, usually less than 1%. Tesla Motors said it only counts a delivery of the vehicle has been transferred to the end customer and all paper work is correct.
During the first quarter, Tesla Motors sold 10,045 vehicles. The initial total vehicle deliveries of Tesla Motors for the first six months of this year were around 21,552 Model S. The figure is less than 40% of the 55,000 vehicles target of the electric car manufacturer for 2015.
Improvement on Tesla Model S
Elon Musk, the chief executive officer and the largest shareholder of Tesla Motors made improvements to the Model S line up in April. The new version of the Model S is now all-wheel drive, making its price higher by 7.1% to $75,000.
The Model S is a performance sedan with up to 270 miles range. The electric car is autopilot equipped, and it is available in all-drive dual-motor. The Model S received the highest safety rating in the United States.
According to Tesla Motors, the “auto pilot combines a forward looking camera, radar, and 360 degree sonar sensors with real-time traffic updates to automatically drive Model S on the open road and in dense stop and go traffic.”
With the auto pilot feature, changing lanes is simple as a tap of a turn signal. The Model S detects a parking spot and automatically parks itself. The standard equipment safety features of the vehicle are constantly monitoring stop signs, traffic signals, pedestrians and unintentional lane changes.
Tesla Motors said the auto pilot features of the Model S are “progressively enabled over time with software updates.”