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Tesla Shares Soar After Announcing 90,650 Deliveries in Q2, Beating Expectations

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According to a consensus of analysts, Tesla was expected to deliver about 72,000 vehicles during the last three months. However, when the electric car maker announced it delivered about 90,650 vehicles in Q2, the company’s shares soared nearly 9% to $1,219.02 in premarket trading earlier today (via CNBC).

Tesla

While the majority of automakers, including General Motors, Toyota, Fiat Chrysler, and Ford, all saw their second-quarter sales plunge by more than 30% amid the coronavirus outbreak, Tesla’s numbers held up significantly better. Tesla is now the most valuable automaker in the world by market cap.

As of writing, shares of TSLA are trading at $1,206, up nearly 8% for the day.

Tesla said it produced 82,272 vehicles in the three months ended June 30 including 75,496 Model 3 and Model Y vehicles, and only 6,326 of Model S and Model X vehicles.

The company did not say how many electric cars it made at its new Shanghai plant versus its US factory in Fremont, California. It did not break out deliveries by geography, or by model either.

Instead, Tesla reported combined deliveries of 80,050 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 10,600 of the older and more expensive Model S and X vehicles. 

The production and delivery data comes a day after CEO Elon Musk sent out an e-mail congratulating his tens of thousands of employees on their “amazing” execution “in such difficult times.”

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