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Tesla beats delivery estimates in Q2

by ace

By Akanksha Rana and Tina Bellon

(Reuters) – Tesla said on Thursday it surpassed Wall Street estimates for vehicle deliveries in the second quarter, going against the downward trend in industry sales as coronavirus shutdowns kept buyers at home.

Tesla delivered 90,650 vehicles during the quarter, significantly above estimates of 74,130 vehicles, according to Refinitiv data.

Tesla’s only North American plant in California was closed for about six weeks in the quarter, following local orders to curb the spread of Covid-19. While vehicle deliveries increased 2.5% quarterly, production fell by almost 20%.

“Although our main factory in Fremont was closed for much of the quarter, we have successfully increased production back to previous levels,” the automaker said in a statement.

The surprising numbers are released a day after Tesla became the automaker with the highest market value, overtaking Toyota Motors.

Other major automakers reported falling monthly or quarterly sales of new vehicles on Wednesday due in large part to weak orders from the fleet, but said consumer demand remained robust despite the coronavirus pandemic.

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