Tesla released its results for the first quarter of this year and delivered 88,450 vehicles smashing the estimates of analysts for the second quarter in a row. Analysts had predicted that Tesla would deliver 79,900 vehicles for this quarter. This was according to a FactSet survey on Wednesday. This news sent the Tesla stock soaring by 17%.
Tesla delivered 76,200 Model 3 Sedans and Model Y Crossover SUV while the rest, 12,250 were the older and more expensive models, the Model S and Model X. Analysts expected Tesla to deliver 68,674 Model 3 and Y Crossover SUV as well as 11,234 Model S and Model X vehicles.
It should be noted that this performance by Tesla was affected by the COVID-19 Pandemic that forced them to shut down their Fremont, California factory in the last week of March. Tesla was also forced to shut down operations at its gigafactory in Shanghai for the months of January and February. Without this, analysts think that Tesla would have delivered up to 95,528 vehicles.
Tesla also revealed that it had produced 103,000 vehicles in total. 15,390 of those were the Model S and X vehicles while 87,282 were Model 3 and Model Y vehicles. This was also Tesla’s first-quarter manufacturing and delivering the Model Y.
In Quarter 4 of 2019, Tesla delivered 103,000 vehicles in total which helped the company to just about reach CEO Elon Musk’s sales goal of that year. A year ago, in q1 2019, Tesla delivered just 50,900 Model 3 Vehicles and 12,100 Model s and Model X vehicles for a total of 63,000 vehicles.