Breaking News

Tesla Smashes Expectations, Delivered Over 88300 Cars In Q1

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

  1. Tesla delivered 88,400 vehicles (compared to 112,000 in Q4 and 63,000 in Q1 2019)
  2. Tesla produced 103,000 vehicles (compared to 105,000 in Q4 and 77,100 in Q1 2019)

What’s Next?

Tesla First Quarter Earnings Report Date, 2020

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.

One comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: