Tesla’s shares soared in premarket trading Thursday as the automaker quoted that they delivered 90,650 vehicles in the second quarter, handing the Wall Street an A+ report. Wall Street’s expectations towards the electric car maker always seemed shaky, however, with the current stats and Tesla’s previous share growth, opinions at Wall Street are beginning to sway.
Analysts predicted Tesla would deliver 72,000 vehicles at the optimistic conditions during the second quarter according to a consensus conducted by FactSet. However, a broader consensus revealed the number to be at high 83,000 vehicles, compiled by Bloomberg. Shares of Tesla in retrospect went past by 9% to $1,219.02 on Thursday’s pre-market run, after closing 3.7% higher to $1,119.63. Deliveries completed by Tesla and the sales numbers were significantly better than their peers.
However, Tesla’s deliveries fell by 4.8% from the same quarter year-to-year in a pandemic world. Tesla managed to scratch the following figures even with a slew of health restrictions, travel and business imposed social distancing means, massive layoffs and a plethora of wage cuts. General Motors, Toyota Motor, Fiat Chrysler and Ford saw a massive dip of 30% in their respective sale numbers.
Tesla quoted that they produced 82,273 vehicles in the next three months which ended on June 30thincluding 75,496 Model 3 and Model Y vehicles and only 6,326 of their older and higher prices Model S and Model X vehicles. However, the company did not reveal how many electric cards they made at their new Shanghai plant versus their U.S counterpart.
Furthermore, they did not break out deliveries ratios by geography, or by model of the vehicle either. Instead they reported combined deliveries of 80,050 Model 3 sedans and Model Y cross-over SUV’s and combined deliveries of 10,600 of the older and more expensive Model S and Model X vehicles.
Tesla’s CEO sent out a congratulatory mail quoting “amazing” execution “in such a difficult times”.