Electric vehicle maker Tesla Inc!. delivered 88,400 vehicles in the first quarter of 2020, beating analysts expectations despite coronavirus COVID-19 pandemic that has crippled world economies by putting pressure on demand and creating logistical challenges.
Tesla Share is presenting up 20%, trading around $541, after the self-driving fully autonomous electric vehicles maker reported Q1 deliveries number that smashed most analysts expectations.
Wall Street had steadily cut forecasts for deliveries because of the Covid-19 outbreak, reaching a consensus view of about 80,000 cars coming into Thursday. The report turned out much better than expected, although sales did fall 20% from the fourth quarter of 2019.
Tesla said Thursday it produced 103,000 electric vehicles in the first quarter, about 2% lower than the previous period.
The Effects Of Covid-19
- Tesla delivered 88,400 vehicles (compared to 112,000 in Q4 and 63,000 in Q1 2019)
- Tesla produced 103,000 vehicles (compared to 105,000 in Q4 and 77,100 in Q1 2019)
Next up for Tesla investors will be first-quarter earnings, reported later in April. Analysts expect the company to report a loss of $0.16 a share from $6 billion in sales. Estimates, however, are in flux because of Covid-19.