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Thursday, 02 July 2020 17:57

Tesla Crushes Wall Street’s Q2 Estimates With More Than 90K Deliveries

Written by Simon Alvarez, Teslarati

Tesla has released its second quarter vehicle production and delivery report, posting a total production of 82,272 and total deliveries of 90,650.

This is a remarkable accomplishment for the electric car maker, considering the second quarter took the brunt of the U.S. lockdowns that resulted from the pandemic.

 

The company’s Q2 numbers include 6,326 Model S and Model X, and 75,946 Model 3 and Model Y produced. Deliveries stood at 10,600 Model S and Model X, and 80,050 Model 3 and Model Y.

 

By posting more than 90,000 vehicles delivered, Tesla completely crushed Wall Street’s estimates, which stood at 72,000 deliveries as of July 1, according to FactSet.

 

Estimates from analysts regarding Tesla’s Q2 results varied, and there were even off-field estimates from firms like Credit Suisse, which recently published an estimate of 90,000 to 100,000 vehicle deliveries despite its traditionally bearish stance on Tesla.

 

As it turns out, even Credit Suisse’s seemingly overly high estimate was met by the electric car maker.

 

In a news release, Tesla said:

 

"While our main factory in Fremont, CA, was shut down for much of the quarter, we have successfully ramped production back to prior levels.

 

"Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. 

 

"Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles."

 

We thank Teslarati for reprint permission 

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