Tesla's blistering rally continues after quarterly deliveries beat

Tesla shares jumped 6 per cent on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working.

The price cuts helped the company deliver 466,140 vehicles in the April to June period, up 10 per cent from the preceding quarter and 83 per cent higher from a year earlier. The gap between how many cars Tesla produces and delivers also narrowed to 13,560 in the second quarter from 17,933 in the previous three months.

The median price target on the stock stands at $210, which is about 20 per cent below its last closing price. Tesla has a forward price-to-earnings ratio of around 62.9, far above Ford's 8.82 and near the 62.66 of Amazon.com.

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