Tesla sales and production were hurt by the Covid-19 pandemic and lockdowns. But not as much as some other automakers.
The electric car company reported Thursday it delivered 90,650 cars to customers during the quarter. That’s down 5% from a year ago, but far less than the drops of 30% or more reported by other automakers on Wednesday.
Tesla’s second-quarter sales were up a bit from the 88,400 cars it delivered in the first quarter.
Production was down, though, falling 20% from the first quarter, as Tesla’s factory in Fremont, California, was shut for a couple of months. CEO Elon Musk strongly objected to the orders to remain closed, calling stay-at-home orders “fascist” in a call with investors in late April. Tesla filed a lawsuit to get the factory open once again in mid-May.
The solid sales number was good news for those hoping that Tesla would be able to maintain its path of profitability despite the Covid-19 pandemic. Tesla’s stock, which had been up 6% in premarket trading before the sales and production release, climbed even higher on the news.
Shares have been on a run recently, making Tesla the most valuable automaker in the world, despite still having only a fraction of the sales of the established automakers. Shares are up 168% this year, through Wednesday’s close.
