Tesla Q2 deliveries once again blow past estimates
Despite a shutdown at its plant in Fremont, California due to the coronavirus, Tesla sped past Wall Street's expectations.
Tesla delivered 90,650 vehicles in the second quarter of this year, a figure that leaves Wall Street estimates in the dust. Industry analysts prepared for a lower delivery total of between 60,000 and 80,000 cars, considering Tesla's signature plant in Fremont, California was shut down for over a month due to the coronavirus pandemic.
Despite that, Tesla said in a brief announcement, "We have successfully ramped production back to prior levels." The news sent Tesla shares soaring nearly 9% at the time of this writing.
As it does with the Model S and Model X, Tesla reported combined Model 3 and Model Y production and deliveries, so we don't know how many Model Y EVs made it out of the factory in Q2. Combined, Tesla said it delivered 80,050 Model 3 and Model Y vehicles. The Model S and Model X accounted for 10,600 of the Q2 deliveries. The total is slightly up on Q1's figure of 88,000 cars delivered.
Production figures were pretty strong as well, considering the shutdown. The automaker said it built 75,946 Model 3 and Model Y vehicles and 6,326 Model S and Model X vehicles. In Q1, Tesla built over 100,000 cars. Despite the peachy news overall, deliveries are still down 5% compared with Q1.
As Tesla always cautions in these announcements, the delivery figure could actually be greater since it doesn't count a car as delivered until a customer receives the car and Tesla receives all the correct paperwork.
It's yet to be seen whether the company managed to turn a profit in Q2, following its first ever profitable first quarter. A leaked email from CEO Elon Musk earlier this week urged workers to push as the company worked to meet the break-even mark.
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