Tesla stock rises after Q1 2020 deliveries beats estimates again

Tesla S3XY lineup

Despite a slowdown in March due to the coronavirus outbreak which resulted in analysts adjusting their estimates for the number of deliveries in the first quarter of 2020, Tesla has once again beat expectations.

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Strong sales numbers in February helped push the automaker to deliver a total of 88,400 vehicles around the world in Q1 2020. During those same three months, Tesla was able to manufacture 102,672 vehicles.

Tesla Q1 2020

This level of production almost equals their record of 104,891 from the previous quarter, despite their Fremont factory shutting down for most of March, and Giga Shanghai closing for several weeks earlier this year.

The Model 3 and new Model Y led the way accounting for more than 86% of total deliveries. The Model S and Model X contributed 12,200 deliveries overall.

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Tesla shares (TSLA) rose sharply in after hours trading on the release of the figures, gaining nearly 25% to trade at $530.

TSLA shares Apr 2

Hopefully when Tesla announces their Q1 2020 earnings report, we will get a further breakdown of how many Model Y’s were delivered after the launch in early March.

You can read the full press release here.

 

 

 

About Mike 513 Articles
Senior Contributor. White Long Range AWD Model 3 owner since October 2018. EV fan since 2012 with my first Nissan Leaf | Mike@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca