financetom
News
financetom
/
News
/
Tesla Q2 deliveries rise over Q1 despite factory shutdown due to COVID-19 
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Tesla Q2 deliveries rise over Q1 despite factory shutdown due to COVID-19 
Jul 2, 2020 10:16 AM

Tesla says it delivered more electric vehicles worldwide in the second quarter than it did in the first. The increase came even though coronavirus restrictions forced it to shut down its only US factory for much of the period.

The company says it delivered 90,650 vehicles from April through June as it rolled out the new Model Y SUV in the US and China. That's a 2.5% increase over the first quarter's 88,400. But it was a 4.8% drop from the second quarter of 2019, when Tesla delivered 95,200 vehicles.

Coronavirus restrictions adopted in the San Francisco Bay Area forced Tesla to close its only US assembly plant in Fremont, California, for almost two months starting March 23. It didn't reopen until May 11.

The Palo Alto, California, company said it delivered 10,600 of its older Models, the S sedan and X SUV. The newer Y small SUV and Model 3 smaller car accounted for the bulk of the sales at 80,050.

The sales performance beat Wall Street estimates of 72,000 for the second quarter, according to FactSet.

It came with a feverish push to crank out and sell more vehicles in the US, and it gives the company a shot at breaking even when second-quarter financial results are released.

The push came with numerous quality problems reported on Tesla owner forums and social media. Many Model Y buyers reported rejecting their SUVs due to mismatched paint and body panels that didn't fit properly. Many others reported that their vehicles were flawless.

At the end of the second quarter, CEO Elon Musk told employees in an emailed note that prospects for the company breaking even for the period are tight, and he's asked them to go all-out to make it happen.

In the message to Tesla's roughly 48,000 workers, Musk wrote that it really makes a difference for every car you build and deliver. In the first quarter, the company eked out a 16 million net profit, its third-straight profitable quarter.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Retail Sentiment Analysis – EUR/USD, USD/JPY Latest
Retail Sentiment Analysis – EUR/USD, USD/JPY Latest
Aug 1, 2024
EUR/USD Retail Sentiment Analysis Current Market Sentiment 48.19% of traders are net-long on EUR/USDThe ratio of short to long traders is 1.07 to 1Recent Changes: Net-long traders: 5.58% decrease since yesterday, 5.71% increase from last weekNet-short traders: 7.39% decrease since yesterday, 20.11% decrease from last weekAnalysis: The market is slightly bearish, with more traders shorting EUR/USD than going long.Typically, a...
EUR/USD IG Client Sentiment: Our data shows traders are now net
EUR/USD IG Client Sentiment: Our data shows traders are now net
Aug 1, 2024
Number of traders net-short has decreased by 21.63% from last week. SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OI EUR/USD BEARISH 50.71% 49.29% 7.80% Daily6.61% Weekly -15.54% Daily-21.63% Weekly -5.12% Daily-9.47% Weekly EUR/USD Bearish Data provided by of clients are net long. of clients are net short. Change in Longs Shorts OI Daily 6% -12% -4% Weekly 9% -16% -6%...
FTSE 100 and S&P 500 higher, but Nikkei 225 drops back
FTSE 100 and S&P 500 higher, but Nikkei 225 drops back
Aug 1, 2024
​​​FTSE 100 at two-month high ​The price has enjoyed a strong week, with further gains yesterday taking it to a two-month high after it broke higher at the end of last week.​The record high is in sight once more, and the uptrend is firmly in place. It would need a reversal back below 8200 to cancel out this view. FTSE...
Nasdaq 100 and Nikkei 225 Suffer Huge Losses, while Dow Heads Lower
Nasdaq 100 and Nikkei 225 Suffer Huge Losses, while Dow Heads Lower
Aug 5, 2024
Nasdaq 100 rout intensifies At one point this morning the Nasdaq 100 was expected to open 1000 points lower in the cash session. The index has gapped lower, and is now trading below the 200-day SMA for the first time since March 2023. All gains since the beginning of May have been wiped out. April’s low around 17,000 is the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved