Tesla announces 88,000 vehicles in first quarter, up 17% after the break

Tesla said late Thursday local time that it delivered 884,000 vehicles in the first quarter of this year, according tomedia reports. The delivery was slightly lower than Wall Street analysts had expected, but the company said it had its “best ever” first-quarter performance. Tesla’s shares jumped on the news. The company’s shares rose as much as 17.28 percent to $533.01 in after-hours trading on the Nasdaq stock exchange on Thursday.

Tesla announces 88,000 vehicles in first quarter, up 17% after the break

Infographic (from: Tesla)

The average estimate of Wall Street analysts compiled by FactSet, an investment research firm, is that Tesla will deliver 89,000 vehicles in the first quarter of this year, including 757,000 Model 3s.

Tesla said it was in production in January for another Model Y compact SUV in its lineup, and that the vehicle was delivered last month, “significantly ahead of schedule.”

In the first quarter, Tesla added model 3 and Model Y to a total of 762,000 vehicles, while Model S and Model X were another category, with a combined delivery of 122,000 vehicles. In the past, the company calculated quarterly deliveries differently, by model 3, Model S, and Model Y, respectively.

Joseph Spak, an analyst at investment bank RBC Capital, had expected Tesla to sell about 865,000 vehicles in the first quarter.

“Overall, we don’t think this delivery will change any what investors think,” he said, turning their attention to the company’s first-quarter earnings. Tesla is expected to report its first-quarter results later this month or early May.

Spa ei also said the key focus would be “on cash flow and when to resume production, and what will happen to orders and demand.” Tesla’s Shanghai plant was closed for several weeks in January because of an outbreak of new coronavirus pneumonia.

Tesla said its Shanghai plant “continues to reach record levels of production despite major setbacks.” “

The company said it expects to sell 500,000 vehicles in 2020. Some analysts said the company was unlikely to reach that number this year because of shutdowns and falling demand caused by the outbreak of new coronavirus pneumonia.

Tesla reported in early January that its deliveries in the fourth quarter of last year were in line with Wall Street expectations. This helped the company’s share price rise sharply in the subsequent session. On February 19th Tesla’s shares rose to a record high of $917.42. But as of Thursday local time, the company’s share price had fallen about 50 percent from its all-time high.

Last week, the company officially shut down its auto manufacturing plant in Fremont, California, at the request of the U.S. government, in line with the ongoing outbreak of new coronavirus pneumonia, retaining only the plant’s basic operations.

Tesla shares were down $27.09, or 5.63 percent, at $454.47 as of Thursday local time. Tesla’s shares have risen 59 percent in the past 12 months, but the U.S. stock market has fallen about 12 percent.