Updated at 11:11 am EST
Tesla (TSLA) - Get Free Report shares moved higher Tuesday following a report suggesting executives are preparing for a 'high volume' of last minute deliveries that could close out a record quarter for the clean-energy carmaker.
Electrek reported Tuesday that an internal Tesla memo is urging employees to provide "additional support" to the end-of-quarter drive, which it expects to see a “very high volume” of deliveries over the next few days.
Tesla, which saw a big jump in China sales and exports last month as its gigafactory in Shanghai returned to normal production rates, is expected to report a record tally of between 350,000 and 370,000 cars over the three months ending in September. The group's previous best of around 310,000 was recorded over the first quarter.
Tesla continues to forecast full year delivery growth of around 50% from 2021 levels, implying a target of 1.4 million vehicles. CFO Zachary Kirkhorn told investors over the summer that the target said has become "more difficult but remains possible with strong execution."
Tesla is likely to report is third quarter delivery totals on Saturday, with a more detailed earnings report and conference call slated for October 19.
Tesla shares were marked 4.35% higher in early Tuesday trading to change hands at $288.02 each.
Earlier this month, the China Passenger Car Association (CPCA) said Tesla sold 76,995 China-made cars in August, a total that was firmly higher than the 28,000 total recorded in July when Tesla's Shanghai gigafactory was idled for scheduled maintenance, but essentially only matched the 78,000 tally from June.
Tesla posted stronger-than-expected second quarter earnings in late July and reiterated its goal for full-year delivery growth despite input price pressures and narrowing profit margins.
Tesla said adjusted earnings for the three months ending in June rose 56.5% from last year to a Street-beating, $2.27 per share, although revenues were modestly light at $16.94 billion.
Gross automotive margins were 27.9%, Tesla said, a 500 basis point decline from last year, Tesla said, just inside the Street forecast of 28.2%, owing to put a surge in input costs and expenses linked to the ramp-up of new factories in Austin and Berlin.