The Q2 2020 for Tesla has spectacularly evolved as deliveries exceeded all expectations while the stock soared with a capitalisation of more than $220 billion.
A big surprise awaited the investors after Tesla in Q2 2020 made impressive deliveries despite the COVID-19 crisis. On the other hand, analysts had calculated a fairly modest number of deliveries that did not exceed 70,000 models.
So Tesla announced 90,650 deliveries and if we take into account the coronavirus pandemic that put a large part of the planet in quarantine then the number seems … magic. Of course, that performance also created a domino effect on Tesla’s stock, which soared to $1,208.66 by the end of the week.
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Here’s the press release from Tesla
PALO ALTO, Calif., July 02, 2020 (GLOBE NEWSWIRE) — In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles.
|Production||Deliveries||Subject to lease accounting|
While our main factory in Fremont 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.