Tesla on Thursday reported strong vehicle delivery results for the first quarter of the year, a period that included coronavirus-related shutdowns of its factories in Shanghai and Fremont.
After U.S. stock markets closed, Tesla said it delivered 88,400 vehicles between January, February and March. Tesla uses the term deliveries for cars that buyers have paid for and taken ownership of during a particular business period. During the last year’s first quarter, Tesla delivered 77,100 vehicles.
Wall Street analysts had expected Tesla to deliver 79,908 vehicles when accounting for the company’s plant shutdowns.
The results included Tesla’s first deliveries of its new Model Y crossover vehicle. Tesla didn’t break out specific Model Y figures, but said it delivered a combined 76,200 Model 3 and Model Y vehicles during the quarter. Tesla also delivered 12,200 Model S and Model X cars combined.
Investors threw their weight behind Tesla’s shares in after-hours trading, and sent the company’s stock price up by 16%, to $526.98. Tesla’s shares fell by 5.6% in the regular stock trading session.
Tesla’s deliveries were impacted somewhat by the coronavirus pandemic. Officials in China had Tesla close its Shanghai plant for approximately a week and a half in early February as part of that country’s effort to slow down the spread of coronavirus. And Tesla stopped production at its Fremont facility on March 23 after a standoff with Alameda County officials over whether its carmaking operations would be exempt from the Bay Area’s shelter-in-place order. That order, which has closed all but some essential businesses like grocery stores, gas stations and medical facilities, is currently in effect until May 3.
Earlier this year, Tesla said it expected to deliver at least 500,000 cars in 2020. The company has yet to make any changes to its delivery forecast despite the effects of the ongoing coronavirus situtation.
Tesla hasn’t set a date for its full first-quarter business report, but will likely deliver those results in late April.
