We haven’t really been sure how Tesla has been doing for the past few months. They’ve faced large obstacles such as lowered demand due to widespread economic hardship and the shutdown of their Freemont factory. The rest of the automotive industry has been completely shaken up. But investor confidence remained high, as the stock soared past $1000 a share. Things are looking a lot more clear now, and they crushed delivery expectations despite all the obstacles presented by this pandemic.
Tesla has delivered a total of 90,650 during Q2 2020. This is barely down compared to last year where they delivered 95,200 cars during Q2. And despite them having to transition to touchless delivery and slow down production in the middle of a pandemic, it’s up from Q1, which was their best first quarter ever.
While the shutdown of the Freemont factory came at a very inopportune time, as they ramped up Model Y production, they have returned to pre-lockdown levels.
While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels.
These numbers have really cleared things up in regard to Tesla’s performance. Everything pointed towards Tesla being able to eventually weather this storm. But right now they are absolutely crushing it. The production slowdowns were just a blip on the map.
We’ll get an even more complete picture of what to expect from Tesla moving forward when they release their Q2 2020 earnings report in 3 weeks. Things look to be doing amazing at Tesla while many other automakers falter. I think Elon deserves to dunk on TSLA shorts right now.
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