Tesla Maintains its Sales Momentum, Delivers 88,400 Electric Vehicles in the First Quarter of 2020

author: FutureCar Staff    

Despite a record drop in sales across the entire auto industry due to the coronavirus pandemic, electric automaker Tesla has sustained its sales momentum in the first quarter of 2020, delivering 88,400 vehicles, its best first quarter sales ever.

The California automaker reported today it produced a total of 102,672 vehicles in Q1 2020. Tesla doesn't break down individual sales of each model. 

Tesla produced 15,390 Model S and Model X vehicles, while production of the mass-market Model 3 and Model Y crossover totaled 87,282 units. In total Tesla produced 102,672 vehicles in the first quarter of the year.

The numbers were better than analysts had predicted. Analysts expected combined deliveries of 68,674 Model 3 and Model Y vehicles, and combined deliveries of 11,234 Model S and X vehicles, as of Wednesday.

The company also reported that its Shanghai factory continued to achieve record levels of production, despite significant setbacks due to the coronavirus outbreak, which is believed to have originated in China.

Tesla said its delivery numbers are slightly conservative, as the electric automaker only counts a vehicle as delivered if it is transferred to the customer and all paperwork has been finalized.

Before the coronavirus impacted the auto industry, Tesla expected to produce a record number of vehicles in 2020 and its stock reached an all-time high in February. During its year-end earnings call for 2019, Tesla executives told investors the company should be able to "comfortably exceed" 500,000 deliveries in 2020. Now that number is in doubt as auto sales nosedive in China and the U.S. 

China is the world biggest auto market and before the coronavirus outbreak demand for the Model 3 sedan remained relatively strong. Tesla began delivering the first China-made Model 3's built at its new Shanghai factory to customers in early January.

In the U.S., deliveries of Tesla's new Model Y crossover began earlier this month ahead of schedule. However, just as the deliveries were getting started a shelter-in-place order was issued for much of the region around Tesla's Fremont, California factory due to the coronavirus outbreak. Tesla was ordered to cease vehicle production when its factory was not deemed an "essential service."

Tesla's Q2 outlook is still unclear. New car sales for March are down around 40% compared to a year ago. Auto sales for the month of April are shaping up to be just as bad as March, as coronavirus cases climb in the U.S.

Tesla shares fell 5.6% percent today to $454.47, down 53% from an all-time high of $968.99 just eight weeks ago.

FutureCar Staff