Tesla delivered 88,400 autos in Q1, topping most analysts’ expectations despite a 21% decrease from the earlier quarter as the COVID-19 pandemic put downward pressure on demand and created logistical challenges.
Tesla stated Thursday it built 103,000 electric vehicles in Q1, about 2% lower than the previous period.
The deliveries and manufacturing figures beat most analysts’ estimations, causing Tesla shares to leap over 10.4% in after-hours trading. Analysts, who had anticipated decrease numbers because of the COVID-19 pandemic, had varying forecasts. A consensus of analysts by FactSet forecast over 79,908 automobiles would be delivered.
The corporate, which sells directly to shoppers as opposed to using dealerships, was capable of beat those expectations in part because it continued to supply and ship its electric automobiles to prospects regardless of the COVID-19 pandemic.
The pandemic has prompted city, county and state officers to issue remain-at-home directives that have directed non-essential companies to close. While manufacturing is usually excluded from these orders, pressure from the United Auto Workers (UAW) in addition to falling demand has prompted auto manufacturers, such as GM, Nissan, Ford, Fiat Chrysler Automobiles, Toyota, and Volkswagen shut U.S. factories.