Elon Musk, CEO of Tesla
Beck Diefenbach | Reuters
Tesla reported on Thursday that it delivered approximately 88,400 vehicles in the first quarter of 2020, beating expectations. Analysts had expected about 79,900 as of Wednesday, according to a survey by FactSet.
Tesla stock rose more than 17% after hours on the news.
Breaking it down by model, Tesla reported combined deliveries of 76,200 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles.
Both numbers beat estimates: Analysts had 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 estimates took into account the COVID-19 pandemic, which required Tesla to wind down new car production at its main car plant in Fremont, California, in the last week of March and also suspended production in Shanghai in January and February.
Without the COVID-19 related…