Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      MultiChoice is working on a wholesale overhaul of DStv

      10 July 2025

      Spam call epidemic: operators say their hands are tied

      10 July 2025

      Britehouse unit breaks free from NTT Data

      10 July 2025

      Samsung’s bet on folding phones faces major test

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025

      Grammarly acquires e-mail start-up Superhuman

      1 July 2025

      Apple considers ditching its own AI in Siri overhaul

      1 July 2025
    • In-depth

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025
    • TCS

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025

      TCS+ | First Distribution on data governance in hybrid cloud environments

      27 June 2025
    • Opinion

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Motoring » Tesla’s ‘jaw-dropping’ quarter sends shares surging

    Tesla’s ‘jaw-dropping’ quarter sends shares surging

    By Agency Staff2 July 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Tesla outpaced analyst estimates for second-quarter vehicle deliveries on Thursday, defying a trend of plummeting sales in the wider auto industry as coronavirus-linked lockdown orders kept shoppers at home, and sending its shares up 8%.

    The unexpected delivery numbers come a day after Tesla became the highest-valued automaker, surpassing the market capitalisation of former front-runner Toyota.

    The rally on Thursday further widens Tesla’s lead over legacy automakers as investors grow confident in its ability to define the industry’s electric and software-driven future. Shares surged by about US$85 in early trading to $1 204.

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

    Analysts said the solid delivery numbers heightened expectations for a profitable second quarter, which would mark the first time in Tesla’s history that it would report four consecutive quarters of profit.

    “A 90k delivery number in this Covid lockdown environment is a jaw dropper,” Wedbush analyst Daniel Ives said in a note.

    Tesla delivered 90 650 vehicles during the quarter, significantly above estimates for 74 130 vehicles, according to Refinitiv data. It delivered 80 050 units of its new Model Y sport utility vehicle and Model 3 for the quarter.

    The company did not break out deliveries by model or country, but Chinese vehicle registrations showed accelerating consumer demand for the Model 3 sedan. Nearly 16 200 Teslas were registered in China in April and May combined, with June figures still outstanding.

    Shanghai

    The company is also ramping up output at its Shanghai vehicle factory, where it aims to produce 150 000 vehicles by the end of this year. The Shanghai plant was only briefly impacted by coronavirus shutdowns in late January and early February.

    Tesla’s only US vehicle factory — in California, where the bulk of its vehicles is currently produced — was shut down for some six weeks during the quarter, heeding local orders to curb the spread of the novel coronavirus. While vehicle deliveries increased 2.5% on a quarterly basis, production dropped nearly 20%.

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

    Tesla’s upcoming Cybertruck

    Tesla in January said 2020 vehicle deliveries should comfortably exceed 500 000 units, a forecast the company has left unchanged despite the pandemic.

    Tesla is now seeking a location for a second US vehicle factory to build its Model Y and a new electric pickup truck, zeroing in on Tulsa, Oklahoma, and Austin, Texas.

    Other major automakers posted lower US monthly or quarterly new vehicle sales on Wednesday due in large part to weak fleet orders, but said consumer demand remained robust despite the continuing coronavirus pandemic.  — Reported by Akanksha Rana and Tina Bellon, (c) 2020 Reuters



    Tesla top Toyota
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleStephen Blewett to lead MTN Cameroon
    Next Article Do you really want Google to have your personal fitness data?

    Related Posts

    Without US subsidies, Musk would be back in South Africa – Trump

    1 July 2025

    Tesla shares soar after first robo-taxi rides hit the road

    24 June 2025

    EV bloodbath in China

    9 June 2025
    Company News

    AI in project management: a new era of efficiency and transformation

    10 July 2025

    Samsung unfolds the future with thinnest, lightest Galaxy Z Fold yet

    9 July 2025

    Huawei supercharges South African SMEs with over 20 new eKit products

    9 July 2025
    Opinion

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.