Tesla Motors stock rose after the automaker announced its second-quarter results on July 31, which beat estimates set forth by analysts. Tesla has now set a goal to double the production of its electric vehicles by the end of 2015.
According to the California-based company, earnings were 11 cents a share in the quarter, which was much higher than Bloomberg’s average estimate of 4 cents. Tesla Motors stock has gained 48 percent this year, with the stock advancing 4.1 percent to $232.37 last Friday.
Morgan Stanley analyst Adam Jonas believes that Tesla is ahead of his firm’s expectations. “It appears Tesla’s run-rate of production and deliveries is at least one, if not two full quarters ahead of our expectations before the quarter.” Jonas says Tesla’s output goal for the end of 2015 is 25 percent above Morgan Stanley’s estimate for 2016.
Tesla also stated last Friday that the company broke ground in Nevada for a planned battery factory.