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Tesla's second-quarter deliveries send shares surging

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07/02/2020 | 11:26am EDT

Tesla shares soared on Thursday after the automaker smashed Wall Street expectations for vehicle deliveries in the second quarter.

The electric car maker said it delivered 90,650 vehicles during the quarter well ahead of the 72,000 analysts expected.

The big beat came even as the company was forced to shutter its only U.S. factory located in Fremont, California for about 6 weeks due to health orders.

While vehicle deliveries increased 2.5% in the quarter, production dropped nearly 20%.

But on Thursday, Tesla said it had successfully ramped up production back to prior levels.

The surprise delivery number came a day after the company became the WORLD'S highest-valued automaker ON THE STOCK MARKET, surpassing former front-runner Toyota.

Other major automakers this week reported plummeting sales as lockdown orders kept shoppers at home.

Stocks mentioned in the article
ChangeLast1st jan.
TESLA, INC. 5.11% 1647.0001 Delayed Quote.271.66%
TOYOTA INDUSTRIES CORPORATION 1.64% 6180 End-of-day quote.-2.37%
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