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Tesla Delivers 90K Vehicles In Q2, Trouncing Street Expectations

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Tesla Delivers 90K Vehicles In Q2, Trouncing Street Expectations

Tesla Inc (NASDAQ: TSLA) said Thursday that it delivered 90,650 cars in the second quarter — an impressive figure in a time period that saw a shutdown of the Fremont, California factory due to the coronavirus pandemic.

Breaking Down Tesla's Delivery Numbers: Of the total number of Teslas delivered, 10,600 cars were Model S and X — the automaker's higher-end luxury vehicles.

The Model 3 and Y made up 80,050 of this total. The final numbers could vary by up to 0.5% or more. Wall Street was expecting 72,000 deliveries. 

Tesla was also able to produce 82,272 cars despite the weekslong shutdown of the Fremont factory.

Tesla said Thursday that it successfully ramped production back to prior levels despite the shutdown. 

In the first quarter, Tesla delivered 88,400 cars and produced 102,672.

That large first-quarter number helped Tesla continue to deliver vehicles during the Fremont shutdown. 

Tesla recently opened Shanghai, China factory was also open and producing cars during the second quarter. 

Tesla hopes to begin ramping up production of its Tesla Semi later this year. 

TSLA Price Action: Tesla shares were up 8.7% at $1,217 premarket Thursday.

Benzinga's Take: Tesla's performance this quarter is commendable in the face of a pandemic. Much of this is thanks to Tesla's delivery model, which allows contactless delivery.

Customers were also able to continue to place orders online, as they do not need to visit a dealer or any physical location to order a Tesla. Production was reduced due to the shutdown, but it seemingly has not impacted delivery numbers going forward.

With the ramp up of Model Y in Fremont, and the 3 and Y in China, Tesla looks set to continue its impressive growth. 

Photo courtesy of Tesla. 

 

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