Tesla delivers significantly more vehicles in 2nd quarter than expected – share price jump

Deliveries at Tesla decreased by only about five percent year-on-year despite the corona crisis. The stock reacts positively.

The US electric car maker Tesla has, despite the impact of the coronavirus crisis, delivered significantly more vehicles in the second quarter than expected. In the three months to the end of June, Tesla brought 90,650 cars to customers worldwide, as the company announced on Thursday in Palo Alto.

This far exceeded the analysts’ forecasts. The stock initially reacted by a price jump of over nine percent.

With 80,050 units, the majority of deliveries were made to Tesla’s cheapest Model 3 vehicle and the new compact SUV Model Y. With these offers, tech billionaire Elon Musk’s company is increasingly establishing itself on the mass market.

Model S and X, the older, larger and significantly more expensive Tesla electric cars, are increasingly becoming discontinued models. In total, Tesla manufactured around 82,000 vehicles in the quarter, although the main plant in Fremont, California, had to close temporarily due to a pandemic.

Tesla stock, trading over $1,200

The strong figures underscore Tesla’s successful streak – although the corona crisis has recently slowed the car market down considerably, deliveries only fell by around five percent year-on-year. The company did much better than most other manufacturers.

The day before, many car manufacturers had submitted their sales figures for the US market and recorded a sharp drop in sales. Sales at General Motors, the US industry leader, fell by 34 percent, and at Fiat Chrysler, by as much as 39 percent.

The Japanese industry giant Toyota, which Tesla recently overtook as the world’s most valuable automaker on the stock exchange, posted a drop of 35 percent. Nevertheless, Toyota delivered 398,029 new cars in the US in the recent quarter, more than Tesla worldwide in the past year.

The fact that Tesla is higher in the financial market than the established competition, despite the much lower volume, shows that investors rely on e-mobility and trust the high-flyer from the tech stronghold Silicon Valley to grow faster.

Tesla Q2 2020 Report

Author: Nabeel K
Email: nabeel@wheelsjoint.com

Inline Feedbacks
View all comments