San Francisco– Tesla stocks were up 9 per cent on Thursday after the electric car maker posted stronger-than-expected quarterly deliveries.

The Palo Alto-based company said it delivered 90,650 vehicles in the June quarter. It achieved the feat despite its Fremont, California based factory was out of action owing to Covid-19 lockdown for most part of the quarter.

Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.

“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in a statement.

Tesla market cap was over $200 billion and its stock closed at a record $1,133.36 on Wednesday.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” it added.

Tesla reopened its Fremont, California-based factory after a long fight with the local authorities as sheltering-at-home rules were in place in May.

The company posted a surprise profit of $16 million in the first quarter of 2020 despite temporary disruptions in productions due to COVID-19 restrictions.

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash. (IANS)


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