Tesla Inc (TSLA) said it delivered the highest number of vehicles in any first quarter ever despite the outbreak of the coronavirus pandemic.
The electric carmaker delivered 88,400 vehicles in the first quarter, slightly below Wall Street estimates of 89,000 vehicles. Tesla produced almost 103,000 vehicles during the period. The company started to temporarily suspend production at its San Francisco Bay Area car factory on March 24.
“This is our best ever first quarter performance,” Tesla said in a statement.
Tesla’s first-quarter vehicle report sent the company’s shares up 5.6% in New York trading on Friday.
Five-star analyst Philippe Houchois at Jeffries, who reiterated his Hold rating, said the report “should be seen as positive given unusual seasonality”. Like Jeffries’ Houchois, the consensus of Wall Street analysts tells investors to Hold the stock based on 14 Holds, 9 Sells and 4 Buys. The $512.23 average price target forecasts shares will rise 6.7% in the next 12 months. (See Tesla’s stock analysis on TipRanks)
Moreover Tesla reported that production of its Model Y sport utility vehicle started in January and deliveries began in March, “significantly” ahead of schedule. In addition, the company disclosed that its Shanghai factory “continued to achieve record levels of production, despite significant setbacks”.