- Why did Tesla’s stock jump today? These are the details.
Tesla Motors recently reported that its first-quarter deliveries increased by 40% year-over-year. The deliveries were much higher than analyst expectations. As a result, shares of Tesla Motors hit over 13% at one point today.
What were the numbers? Tesla delivered 88,400 vehicles in Q1 — which is up 40% from the same quarter a year ago. However, deliveries were down 21% sequentially due to the coronavirus outbreak.
In the earlier quarter, production at Tesla’s factory in Shanghai was suspended. But then it resumed again in February.
Analysts were expecting 79,900 deliveries for the same period, according to Motley Fool. The consensus was based on recently lowered estimates while accounting for the effects of the coronavirus.
Interestingly, Tesla did not reduce its full-year outlook for vehicles yet. Earlier this year, the company said it was expecting 2020 deliveries to surpass 500,000 units.
