Tesla climbs 17% as it tops experts’ forecast for vehicles delivered in Q1

In its statement on Thursday, Tesla (NASDAQ:TSLA) said that it delivered roughly 88,400 vehicles in 2020’s first quarter that topped the analysts’ expectations. According to FactSet, experts had anticipated the company to deliver around 79,900 vehicles in Q1.

The
announcement was well-received by the investors as Tesla’s stock climbed 17% in
extended trading on Thursday.

In
terms of individual models, Tesla highlighted 76,200 in combined deliveries for
its new crossover SUV Model Y, and Model 3. The older but costlier vehicles
like Model X and Model S made up 12,200 of the total deliveries in the first
quarter.

Analysts’
Estimates Accounted For COVID-19

Both
of the aforementioned figures came stronger than the experts’ forecast.
Analysts had estimated 11,234 combined deliveries for Model X and S while their
estimate for Model Y and Model 3 was capped at 68,674 combined deliveries.

The
forecast accounted for the ongoing Coronavirus pandemic that pushed the U.S
electric car manufacturer into reducing
production at its California plant towards the end of March. The company
had also suspended operations at its Shanghai factory in the first two months
of 2020 due to the health emergency.

Excluding
adjustments for the pandemic, experts had forecast 95,528 deliveries for Tesla
in the first quarter with Model Y and Model 3 accounting for 81,478 combined
deliveries while Model X and Model S adding the remaining 14,050 deliveries.

Model
Y is Tesla’s latest addition to its range of automobiles. The company, however,
didn’t divulge numbers for the total production or sales of the cross-over SUV
in Q1 that marked the first quarter for its deliveries.

Tesla
Met CEO’s 2019 Sales Goal In Q4

In
terms of combined production, Tesla reported 87,282 Model Y and Model 3
vehicles in the quarter that ended on 31^st March, and 15,390 Model X
and Model S. In the previous quarter, Tesla had reported 112,000 deliveries
that had beat analysts’ estimates. The Q4 results had also hit the lower
end of the 2019 sales goal set by its chief executive officer, Elon Musk.

In
the same quarter last year, Tesla had delivered 63,000 vehicles in total with
12,100 combined deliveries for Model X and S, and 50,900 for Model 3.

At
£436 per share, Tesla is currently around 25% up year to date in the stock
market. It, however, is still over 40% down as compared to its record-high in
February. At the time of writing, Tesla has a market cap of £60.20 billion.