Tesla deliveries for the first quarter of 2020 have been revealed and all things considered, the numbers aren’t too bad in what Tesla states it their best first quarter performance ever.
The breakdown is as follows:
|Production||Deliveries||Subject to lease accounting|
Given the Coronavirus impacting basically every automaker, it was expected by many that Tesla would not be able to reach the same record-breaking numbers they achieved during the last quarter of 2019.
Delivery expectations for this quarter were around the high-70,000 and low-80,000 range and it seems that Tesla was able to slightly beat those expectations. What is even more surprising is that they were almost able to match their production numbers from last quarter. During the last quarter, they were able to produce a little over 104,000 cars. Tesla was able to almost match numbers despite COVID-19 affecting production in China and in Freemont.
Unsurprisingly the Model S/X make up a lower amount of the total deliveries, with the S/X making up about 17% of the total last quarter, but only 13% of the total this quarter.
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.
Unfortunately we do not know to what extent deliveries of the Model Y were able to help prop up Tesla’s delivery numbers as the numbers for the 3 and Y are presented together. We will have to wait for the full earnings report to get a better idea of how successful the Model Y has been for Tesla in the early stages.
As always, the numbers here are not final and can shift up to 0.5% by the time it is all tallied up for the earnings report.
How do you guys feel about Tesla’s performance this quarter? Will the next quarter be better or worse given that the coronavirus will most likely not resolve anytime soon. Let us know down in the comments below.