Tesla delivered 88,400 vehicles in the first quarter, surpassing most analysts’ expectations despite a 21% drop from the previous quarter, as the COVID-19 pandemic put downward pressure on demand and created logistical challenges .
Tesla announced Thursday that it had produced 103,000 electric vehicles in the first quarter, about 2% less than the previous period.
Deliveries and production figures exceeded most analysts’ expectations, pushing Tesla stocks up 10.4% after hours. Analysts, who had anticipated lower numbers due to the COVID-19 pandemic, had different forecasts. A consensus of FactSeat analysts predicted that more than 79,908 vehicles would be delivered, while Reuters released IBES data from Refinitiv’s forecast figures of 93,399 vehicles.
The company, which sells directly to consumers rather than using dealers, was able to exceed these expectations as it continued to produce and deliver electric vehicles to customers despite the COVID-19 pandemic.
While COVID-19 was still touching Tesla, the company still managed to beat its delivery figures from the first quarter of 2019.
Here is a breakdown of deliveries and production for the first quarter of 2020:
- Tesla delivered 88,400 vehicles (versus 112,000 in Q4 and 63,000 in Q1 2019)
- Tesla produced 103,000 vehicles (versus 105,000 in the fourth quarter and 77,100 in the first quarter of 2019)
Deliveries this quarter included certain Model Y vehicles, the most recent addition to Tesla’s portfolio. Production of the Model Y started in January and deliveries started in March according to Tesla.
Tesla also said that its new plant in Shanghai, which produces the Model 3 for Chinese customers, was reaching “record production levels, despite significant setbacks.” Tesla did not provide details on production levels at the Shanghai plant. The first public deliveries of Model 3 sedans produced at its Shanghai plant began on January 7, a year after Tesla began construction of its first plant outside the United States.