Tesla (NASDAQ:TSLA) news for Friday concerning strong deliveries in the first quarter of 2020 have TSLA stock on its way up.
A Tesla news release reveals that the company delivered a total of 88,400 vehicles during the period. That’s great news for TSLA stock as analysts’ were only expecting the electric car company to deliver 79,908 vehicles.
According to the Tesla news release, this is the best first-quarter deliveries the company has ever seen. The deliveries during the quarter include 12,200 Model S/X and 76,200 Model 3/Y vehicles.
To go along with this, the total number of vehicles produced for the quarter was 102,672. That comes from 15,390 Model S/X vehicles and 87,282 Model 3/Y vehicles.
The Tesla news release mentions this about the deliveries boosting TSLA stock.
“Model Y production started in January and deliveries began in March, significantly ahead of schedule. Additionally, our Shanghai factory continued to achieve record levels of production, despite significant setbacks.”
Telsa also points out that these numbers may be off, but only slightly. The company estimates that the difference between these numbers and the final deliver results for Q1 may vary by just .5% or more.
Tesla doesn’t provide any other first-quarter results in its most recent update. Instead, the company says it will release net income, cash flow results, and other numbers when its first-quarter 2020 earnings report comes out.
TSLA stock was up 4.61% as of Friday afternoon and is up 5.63% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
