Tesla shares soar 9% premarket on stronger-than-expected Q2 deliveries
Tesla Inc. shares soared 9% in premarket trade Thursday, after the electric car maker posted far stronger-than-expected quarterly deliveries, its proxy for sales. The Palo Alto, Calif-based company said it delivered about 90,650 vehicles in the second quarter, well ahead of the FactSet consensus of 72,000. The Tesla factory in Fremont, Calif., was closed roughly half the quarter under regional shutdown orders designed to slow the spread of the coronavirus. The company said production is now back to pre-pandemic levels. The company said it delivered 80,050 Model 3s and Model Ys in the quarter, compared with a FactSet consensus of 61,000. It delivered 10,600 of its Model S luxury sedan and Model X SUVs. Tesla stock closed at a fresh record of $1,133.36 on Wednesday, boosting its valuation to more than $207 billion and above, at least for now, Japan's Toyota Motor Corp.'s $203 billion market value. Toyota, which makes more than 8 million vehicles a year, long has been the No. 1 global car maker by market capitalization.
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