Tesla’s stock hits an all-time high
Why it matters: Tesla on Thursday said it managed to deliver more than 90,000 vehicles to buyers during the second quarter despite its main factory in Fremont, California, being shut down for an extended period due to Covid-19 containment efforts.
A total of 82,272 vehicles rolled off the assembly line during the quarter. The vast majority of them – 75,946, to be exact – were of the Model 3 / Model Y variety while the remaining 6,326 were either Model S sedans or Model X SUVs.
In terms of actual deliveries to customers, 80,050 Model 3 / Model Y vehicles found new homes during the quarter, as did 10,600 new Model S / Model X examples.
Tesla’s full earnings report is due on July 22 but investors are already taking notice of the impressive performance. As of writing, shares are trading up nearly eight percent on the news at $1,207.14 each. That’s an all-time high for Tesla following a brief stumble as the Covid-19 pandemic set in.
It hasn’t been all rainbows and unicorns for Tesla as of late. In addition to dealing with the aforementioned shutdown issues, the company was recently rated as the worst among 32 major brands in J.D. Power’s 2020 U.S. Initial Quality Study.