Shares of Tesla (NASDAQ:TSLA) jumped on Wednesday morning, rising as much as 7.6%. As of 9:40 a.m., the stock was up about 5%.
The gain in the electric-car maker's shares follows Tesla's quarterly update on vehicle deliveries and production Tuesday afternoon. Prompting the Street's upbeat response to the news, deliveries for the quarter were better than expected.
The automaker delivered a record 95,200 vehicles during its second quarter, up from about 63,000 units in the prior quarter and 40,800 in the year-ago quarter.
Tesla also said it "made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position."
Higher deliveries during the quarter were primarily due to a huge jump in Model 3 production. Tesla produced 72,531 Model 3 vehicles, up from 28,578 units in the year-ago quarter.
Tesla also provided promising news on the demand for its vehicles. "Orders generated during the quarter exceeded our deliveries," the company said.
For the full year, Tesla is aiming to grow total vehicle deliveries 45% to 65% year over year. A 134% year-over-year increase in second-quarter deliveries makes achieving this full-year outlook seem more likely.