FILE PHOTO: The Tesla logo is seen on a car in the new Tesla showroom in the Meatpacking District of Manhattan in New York, USA, December 14, 2017. REUTERS / Brendan McDermid / File Photo
(Reuters) – Tesla Inc (TSLA.O) beat Wall Street estimates for second-quarter vehicle deliveries on Thursday, defying a broader auto industry trend to slump sales as coronavirus block orders kept buyers home and shipped their shares a 9%.
Tesla delivered 90,650 vehicles during the quarter, significantly above estimates of 74,130 vehicles, according to Refinitiv data. Delivered 80,050 units of its new Model Y and Model 3 sports utility vehicle for the quarter.
Tesla’s only American vehicle factory in California was closed for about six weeks of the quarter, responding to local orders to curb the spread of COVID-19. While vehicle deliveries increased 2.5% quarterly, production fell nearly 20%.
“While our main factory in Fremont was closed for much of the quarter, we have successfully increased production to previous levels,” the automaker said in a statement.
Surprise delivery numbers come a day after Tesla became the highest-value automaker, beating the market cap of former leader Toyota Motors Corp (7203.T) Thursday’s rally further extended the lead.
Other major automakers reported lower monthly or quarterly new vehicle sales in the United States on Wednesday, largely due to weak fleet orders, but said consumer demand remained strong despite the continuing coronavirus pandemic. .
Tesla is now looking for a location for a second vehicle factory in the US to build its Model Y and a new electric van, focusing on Tulsa, Oklahoma, and Austin, Texas.
Reports by Akanksha Rana in Bangalore and Tina Bellon in Warwick, Rhode Island; Editing by Arun Koyyur / Mark Heinrich
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