Tesla surprises with Q2 2020 deliveries despite coronavirus pandemic

Tesla S3XY lineup

All signs were pointing to a possible strong second quarter performance for Tesla, as there was a big push in the final weeks to get as many cars delivered as possible.

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It turns out those efforts paid off, as the automaker this morning posted its delivery and production numbers for Q2 2020.

Despite Wall Street estimates that said Tesla would deliver as few as 60,000 vehicles, and the coronavirus pandemic which forced the shutdown of the Fremont factory for two months, Tesla was able to deliver approximately 90,650 vehicles around the world in the second quarter.

Tesla Q2 2020 numbers

That compares to Q1 2020 where Tesla delivered 82,000 vehicles, which itself was a record for what is typically the slowest quarter of the year.

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Tesla CEO Elon Musk also sent out an email yesterday to all employees congratulating them on their hard work during very difficult times.

Tesla shares (TSLA) were up more than 6% in early morning trading after the numbers were released.

TSLA July 2 2020

Here is the full press release from Tesla.

Tesla Q2 2020 Vehicle Production & Deliveries

PALO ALTO, Calif., July 02, 2020 (GLOBE NEWSWIRE) — In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles.

Production Deliveries Subject to lease accounting
Model S/X 6,326 10,600 14 %
Model 3/Y 75,946 80,050 4 %
Total 82,272 90,650 5 %

While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

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