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Tesla Vehicles Reportedly Already Sold Out for Second Quarter

Electric vehicle news site Elektrek reported that Tesla has told employees that production capacity for the second quarter is already sold out.
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Tesla  (TSLA) - Get Report shares firmed Thursday, after sources told EV news site Elektrek that the electric carmaker’s vehicles already are sold out for the quarter.

Citing sources familiar with the matter, Elektrek's Fred Lambert wrote that Tesla told its employees that production capacity for the second quarter is already sold out even with almost two months left in the quarter.

Lambert has said in the past that he’s a Tesla shareholder and true believer in its mission.

The sellout “was to be expected for Model S and Model X, with the new versions of these vehicles having production delays that are going to limit deliveries this quarter,” Lambert wrote. “But Model 3 and Model Y are still ramping up, and yet, they are sold out.”

Tesla Chief Executive Elon Musk said in Tesla’s earnings call last week that demand for its cars continues to be strong.

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“We’ve seen a real shift in customer perception of electric vehicles and our demand is the best we’ve ever seen," Musk said. "We’re used to seeing a reduction in demand in the first quarter and we saw an increase in demand that exceeded the normal seasonal reduction in demand in in Q1."

Tesla recently traded at $678.72, up 1.2%. It has slumped 21% in the past three months amid valuation concerns.

In its first-quarter earnings report last week, Tesla posted stronger-than-expected first-quarter numbers thanks in part to surging deliveries in China. Tesla notched its seventh consecutive quarterly profit.

Its automotive margins improved to 26.5% while record first-quarter deliveries lifted revenues past $10.3 billion.

Tesla, which purchased $1.5 billion in bitcoin earlier this year, boosted its first-quarter bottom line by $101 million through the sale of 10% of its holdings of the world's biggest digital currency.

Tesla Daily's Rob Maurer joined TheStreet.com founder Jim Cramer and TheStreet’s Katherine Ross on TheStreet Live to break down Tesla's quarter from bitcoin to semiconductors.