Mon, July 22, 2024

Tesla Delivered More than 90,000 Vehicles in the Second QR

Tesla

Tesla is one of the famous electric car makers in the world. Interestingly, Tesla shares jumped in premarket trading on Thursday. Shares of automaker soared nearly 9% to $1,219.02 in Thursday’s premarket. Importantly, on Wednesday the shares of Tesla added 3.7% to $1,119.63.

Shares of Tesla benefited better than expected second-quarter deliveries. In the second quarter automaker delivered about 90,650 vehicles. Interestingly, this result surpassed Wall Street expectations. 

Analysts expected Tesla to deliver about 72,000 vehicles in the second quarter of 2020. Moreover, Tesla’s deliveries fell by just 4.8% compared to the same period of time in 2019. This is important as auto sales around the world and especially in the U.S. fell due to the coronavirus pandemic. 

For example, General Motors, Toyota Motor, Ford as well as Toyota Motor experienced problems in the second quarter. General Motors reported a 34% decline in sales in the second quarter. Moreover, Fiat Chrysler reported a 38.6% decline in sales. In the case of Toyota Motor, auto sales fell by 34.6%.

Tesla and second-quarter resultTesla and its competitors

In the second quarter, the company reported combined deliveries of 80,050 Tesla Model 3 sedans and Model Y cross-over SUVs. Also, the company delivered 10,600 more expensive Model S and X vehicles. 

Interestingly, in the first quarter of 2020, the company delivered 88,400 vehicles, while Tesla produced 102,672 vehicles. 

The company had to close its main U.S. car plant in  California for several weeks during the second quarter. However, to attract buyers Tesla reduced vehicle prices during the second quarter in North America and China. 

Moreover, during the quarter sales in China started to recover as in May the company sold 11,095 cars made int Shanghai plant. 

In 2019, the company delivered 367,500 vehicles around the world. In the second quarter of 2020, the company was able to sell thousands of cars despite unfavorable conditions. 

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