Tesla soars on delivery numbers — company delivered 88,400 vehicles in Q1
in the first quarter of 2020. Tesla stock rose more than 10% after hours on the news. Analysts had expected about 79,900 as of Wednesday, according to a survey by FactSet.
The estimates took into account the COVID-19 pandemic, which required Tesla to wind down new car production at its main car plant in Fremont, California, in the last week of March and also suspended production in Shanghai in January and February. For the period ending March 31, Tesla said it produced about 103,000 vehicles total, including 15,390 Model S and X, and 87,282 Model 3 and Model Y vehicles.
One of the lowest first-quarter estimates out there, from Loup Ventures' Gene Munster, saw Tesla delivering just 57,000 vehicles for the period ending March 31, 2020. Munster emphasized that COVID-19 and its impacts on people the world-over have dampened auto sales.
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