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Tesla beats delivery expectations with over 88,000 cars – ‘best first quarter ever’

Tesla has managed to beat delivery expectations by delivering over 88,000 cars during the first quarter of 2020.

Here are all Tesla’s Q1 2020 numbers announced today:

As we reported yesterday, analysts have been updating their expectations for Tesla’s deliveries and production during the first quarter amid the coronavirus crisis.

The consensus for Tesla delivery expectations was at just over 77,000 cars.

Today, the automaker confirmed that it actually delivered 88,400 cars during the first quarter and it managed to produce 102,672 vehicles over the last 3 months.

Despite not producing vehicles at of Fremont factory during the last week of the quarter, Tesla came close to its production record established during the previous quarter at almost 105,000 vehicles.

That’s likely thanks to the ramp-up in production at Gigafactory Shanghai in China.

As for deliveries, Tesla is unsurprisingly down from its record last quarter when they delivered 112,000 vehicles.

This is not just due to the economic downturn triggered by the coronavirus pandemic but also because the first quarter is always slower for the auto industry.

Q1 2020 actually turned out to be Tesla’s “best ever first quarter performance.”

Here’s the breakdown of Tesla’s Q1 2020 deliveries and production:

Production Deliveries Subject to lease accounting
Model S/X 15,390 12,200 16%
Model 3/Y 87,282 76,200 5%
Total 102,672 88,400 7%

Unfortunately, Tesla doesn’t breakdown Model Y deliveries and production despite being the first quarter for the new electric SUV.

Here’s Tesla’s press release in full:

Tesla Q1 2020 Vehicle Production & Deliveries

PALO ALTO, Calif., April 02, 2020 (GLOBE NEWSWIRE) — In the first quarter, we produced almost 103,000 vehicles and delivered approximately 88,400 vehicles. This is our best ever first quarter performance.

Production Deliveries Subject to lease accounting
Model S/X 15,390 12,200 16%
Model 3/Y 87,282 76,200 5%
Total 102,672 88,400 7%

Model Y production started in January and deliveries began in March, significantly ahead of schedule. Additionally, our Shanghai factory continued to achieve record levels of production, despite significant setbacks.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q1 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

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