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Tesla Reports Record Production, Deliveries For Q2, Stock Up

Luxury electric car maker Tesla Inc. (TSLA) Tuesday reported record production and deliveries for the second quarter.

The Palo Alto, California-based company reported production of 87,048 vehicles and deliveries of approximately 95,200 vehicles. The company said it delivered 77,550 Model 3 cars, and 17,650 Model S and Model X electric vehicles.

Tesla's previous quarterly record was 91,000 deliveries in the fourth quarter of 2018.

Tesla also said it made significant progress streamlining global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to working capital position.

Tesla received orders during the quarter that exceeded its deliveries.

"We believe we are well positioned to continue growing total production and deliveries in Q3," the company said in a statement.

TSLA closed Tuesday's trading at $224.55, down $2.62 or 1.15%, on the Nasdaq. The stock, however, gained $15.73 or 7.01% in the after-hours trade.

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