Tesla beats second quarter vehicle delivery estimates

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FILE PHOTO: The Tesla logo is visible on a car in the new Tesla showroom in the Meatpacking District of Manhattan in New York, United States, on December 14, 2017. REUTERS / Brendan McDermid / File Photo

(Reuters) – Tesla Inc (TSLA.O) surpassed Wall Street estimates for second-quarter vehicle deliveries on Thursday, challenging a broader auto industry trend of falling, coronavirus lockout orders keeping buyers at home and sending stocks up 9%.

Tesla delivered 90,650 vehicles during the quarter, which is significantly higher than estimates of 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y and Model 3 sport utility vehicle for the quarter.

Tesla’s only US vehicle plant in California was closed for approximately six weeks during the quarter, reflecting local orders to curb the spread of COVID-19. While vehicle deliveries increased 2.5% on a quarterly basis, production fell by almost 20%.

“While our main Fremont plant was closed for much of the quarter, we have successfully reduced production to previous levels,” the automaker said in a statement.

Surprise delivery figures come a day after Tesla became the most popular automaker, exceeding the market capitalization of former Toyota Motors Corp leader (7203.T). Thursday’s rally further strengthened the advance.

Other major automakers posted monthly or quarterly new vehicle sales in the United States on Wednesday due in large part to weak fleet orders, but consumer demand remained robust despite the ongoing coronavirus pandemic .

Tesla is now seeking a location for a second vehicle plant in the United States to build its Model Y and a new electric pickup, focusing on Tulsa, Oklahoma and Austin, Texas.

Reports from Akanksha Rana to Bengaluru and Tina Bellon to Warwick, Rhode Island; Editing by Arun Koyyur / Mark Heinrich

Our standards:Principles of the Thomson Reuters Trust.

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