Tesla pulled off a massive upset, announcing record first-quarter deliveries despite disruptions due to the coronavirus crisis. Analysts were expecting to see a delivery figure of around 77,000 vehicles for Q1 2020. The Great Electrifier delivered 88,400, its best first-quarter performance ever.
The production figure was 102,672 vehicles, just a shade off the record of almost 105,000 set in Q4 2019. The numbers are doubly impressive, as the first quarter of a year is generally considered to be the slowest of the year in the auto industry. TSLA stock soared in early trading the morning following the announcement.
Tesla’s model mix continues to be dominated by the newer generation. The company delivered 12,200 units of Models S and X, compared to 76,200 of Models 3 and Y (Tesla did not break out figures for Model Y, which began production this quarter).
The California Cowboys offered little information beyond the numbers, but said, “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.”
Investors are particularly interested in the company’s cash flow figures, which will offer an indication of how well Tesla can weather a prolonged shutdown of its US plants. For this and other financials, they’ll have to wait for the announcement of Q1 earnings, which is expected around the third week of April.