Tesla delivered 88 400 cars in first quarter of 2020, beating forecast

Tesla delivered 88 400 cars in first quarter of 2020, beating forecast

- Tesla's Chief Executive Officer, Elon Musk, has predicted achievement of the company's 2020 sales target

- He made the statement after Tesla recorded a sale of 88,400 vehicles in the first quarter of the year

- Analysts predicted the company would sell about 79,900 vehicles by the end of the quarter

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Tesla’s Chief Executive Officer (CEO), Elon Musk, has predicted the company would achieve its sales target for the year.

This comes after the company recorded a sale of 88,400 vehicles in the first quarter of the year.

Analysts predicted the sale of about 79,900 vehicles by the end of the quarter.

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Musk, together with Tesla’s Chief Finance Officer, Zachary Kirkhorn, stated via a call that the company will very likely achieve its target of 500,000 electric cars by the end of the year.

The company’s executives, however, cautioned investors about the possibility of challenges ahead, especially with the outbreak of the coronavirus, CNBC reports.

Details of the achievement of the Q1 target led to a 17% rise in Tesla’s stocks in hours.

Briefly.co.za has learned that the 88,400 cars were made up of 76,200 Model 3 sedans and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles.

Both aspects beat estimates projected by analysts.

The quarter is the first in which Tesla produced and delivered the Model Y, which is its newest vehicle.

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Tesla recorded massive profits in the Fourth Quarter of the year 2019.

Contrary to predictions, the company earned $386 billion in revenue during the period.

Bloomberg reported that market watchers expected the company to earn an adjusted gain of $1.74 share and $7.1 billion in profit.

As per a report by businessinsider.com, the company’s adjusted earnings amounted to $2.14 per share on the profit of $7.4 billion.

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Source: Briefly.co.za

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