What happened
Shares of electric car company Tesla (TSLA -3.76%) jumped on Monday. The stock was up 3.9% as of 10 a.m. EDT.
The growth stock's gain was driven by the company's better-than-expected third-quarter vehicle deliveries. Record deliveries during a challenging operating environment put the spotlight on the company's strong execution recently.
A Tesla Model 3. Image source: Tesla.
So what
Over the weekend, Tesla announced that it delivered more than 241,300 vehicles in Q3. Highlighting the automaker's staggering growth, this was a huge sequential jump from the approximately 201,000 vehicles Tesla delivered in the prior quarter and 140,000 in the year-ago period.
On average, analysts had forecast Tesla would deliver closer to 221,000 vehicles during the quarter.
"We would like to thank our customers for their patience as we work through global supply chain and logistics challenges," Tesla said in a press release about the deliveries.
Now what
The strong quarter puts Tesla's full-year guidance for more than 750,000 deliveries in 2021 within reach. The company has now delivered more than 627,000 vehicles this year, leaving only 123,000 to deliver in the final quarter of the year.
It's safe to say that Tesla's target to grow deliveries more than 50% this year is pretty much in the bag.
