Tesla 2Q deliveries rise over 1Q despite factory shutdown

Daniel Fowler
July 3, 2020

Tesla's Shanghai plant was on the production rebound during the second quarter, but it's unknown how many vehicles it produced compared to the California site.

Coronavirus restrictions adopted in the San Francisco Bay Area forced Tesla to close its only US assembly plant in Fremont, California, for nearly two months starting March 23.

The company built 102,672 vehicles in the first quarter, even after its Fremont, California factory was forced to suspend operations in March during the coronavirus pandemic. It didn't reopen until May 11. Deliveries of the Model S and X fell from 12,200 to 10,600 units. That handily beat the 72,000 estimate.

During the quarter, Tesla cut prices of its electric vehicles by as much as 6% in North America in an effort to revitalize demand amid the economic downturn and made similar moves in China. Many Model Y buyers reported rejecting their SUVs due to mismatched paint and body panels that didn't fit properly.

"Tesla will make fabulous short shorts in radiant red satin with gold trim", Musk tweeted.

Florida breaks daily COVID-19 record with more than 10,000 new cases
Hospitalizations have also skyrocketed. "I think we are going to be very good with the coronavirus", he told Fox Business. Florida's Department of Health reported that 16.58 percent of those who tested for the virus received a positive result.

Tesla CEO Elon Musk took to Twitter to mock short sellers and the Securities and Exchange Commission in a series of tweets Thursday following a surge in the automaker's stock.

In the first quarter, the company eked out a $16 million net profit, its third-straight profitable quarter.

The scheme appears to have worked in the second quarter, which could prompt analysts to place loftier expectations on Tesla for the remainder of the year.

The Paulo Alto-based automaker reached the milestone after its stocks skyrocketed to $1,134 on early Wednesday, with the company now valued at £165bn ($209.47bn), or around $4bn more than the Japanese motor company's stocks.

The delivery figures arrive just a day right after Tesla topped Toyota to grow to be the world's most precious vehicle corporation by market cap, inspite of not nonetheless having turned a revenue for a entire 12 months. Though the company experienced years of losses during its nascent period, it has managed to achieve three consecutive profitable quarters beginning with Q3 of 2019.

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