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Tesla EV Deliveries Beat Estimates Despite Coronavirus Sending Stock Price Higher
April 03 2020 - Tesla Stock Jumps As Vehicle Deliveries Beat Estimates By Investors Business Daily
Tesla (TSLA) late Thursday reported delivering 88,400 vehicles in the first quarter, beating Wall Street estimates of about 80,000. Tesla stock climbed in after-hours trading.
Prior to the factory shutdown caused by the Covid-19 pandemic, analysts looked for Tesla to deliver about 97,000 vehicles.
Tesla stock jumped 16%, near 527, in after-hours trading on the stock market today.
The company also reported producing 102,672 vehicles in the first quarter.
Tesla typically has a last-minute surge of deliveries. But disruption from the Covid-19 pandemic hampered its performance in the first quarter.
Tesla said it delivered 76,200 Model 3 and Model Y vehicles in the quarter. Tesla only recently began production of the Model Y, which started shipping in March. It delivered 12,200 of the Model X and Model S, combined.
The company didn't give an update on whether it still expects to deliver at least 500,000 vehicles this year. In addition, Tesla said that its Shanghai factory in China continued to achieve record levels of production, despite setbacks.
Tesla Stock: Manufacturing Shutdown
Tesla began shutting down vehicle manufacturing at its only car-manufacturing plant in the U.S., located in Fremont, Calif., on March 23, in efforts to help slow the coronavirus spread. General Motors (GM) Ford Motor (F) and Fiat Chrysler (FCAU) said they would suspend all production in the U.S., Canada and Mexico starting March 19.
"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," Tesla said in a written statement. "Tesla 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."
Tesla will announce its net income and cash flow results when it reports first-quarter earnings.
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