Yet in the second quarter of 2020, Tesla delivered 91,000 vehicles - about 5 per cent fewer than the same period past year. The increase came even though coronavirus restrictions forced it to shut down its only US factory for much of the period.
The EV maker delivered 80,050 Model 3 and Model Y. Model S and X production was 6,326 units and deliveries hit 10,600 vehicles.
The automaker delivered just 88,496 cars during the first quarter, which means it managed more deliveries during a quarter when its factory was shut down much of the time.
Production of 82.27K vehicles was down 20% from Q1. It didn't reopen until May 11. This seems a little excessive given that a Tesla Model 3 sells for less than US$40,000, and the profit margin on those cars is pretty slim.
The sales performance beat Wall Street estimates of 72,000 for the second quarter, according to FactSet.
Chief Executive Elon Musk has ignored or broken numerous established auto industry's rules and norms in the 10 years since he took Tesla public, selling cars online and assembling vehicles in high-cost California.
Tesla Overtakes Toyota, Becomes World's Most Valuable Car Company Without Making Any Profit
Last quarter Tesla actually came out with a surplus of about 14,000 cars, which look to have been put to great use to help smooth out the downtime that occurred in regards to production. Many Model Y buyers reported rejecting their SUVs due to mismatched paint and body panels that didn't fit properly.
Other major automakers posted lower USA monthly or quarterly new vehicle sales on Wednesday due in large part to weak fleet orders, but said consumer demand remained robust despite the continuing coronavirus pandemic. With the recent surge in the stock price, the company's valuation inched up to $224 billion making it the world's most valuable vehicle company. "If you go back a year and a half, the question was, can these guys make it with the kind of capital expenditures they need to do?" said Joseph Osha, an analyst at JMP Securities.
In the first quarter, the company eked out a $16 million net profit, its third-straight profitable quarter.
Shares of Tesla, which have almost tripled since the start of the year, climbed about 25% from Monday through close of trading on Thursday, giving Tesla a market capitalization of $224.1 billion, surpassing Toyota's $204.9 billion. Musk clashed with local officials over the shutdown of the factory in Fremont, Calif. Dorsheimer also said the report quiets the main concern he had when he downgraded Tesla stock from Buy to Hold.
The scheme appears to have worked in the second quarter, which could prompt analysts to place loftier expectations on Tesla for the remainder of the year.
8 states contributed 85pc COVID-19 caseload, 87pc deaths: Health Ministry
Delhi's coronavirus tally now stands at over 83,000-mark, and its death toll has mounted to 2,623, Delhi authorities told. Today is the ninety-sixth day since India implemented a nationwide lockdown , to curb the novel coronavirus pandemic.