Coronavirus outbreak affected Tesla's results (first in China) and then in North America/Europe, but Q1 2020 was still outstanding.
Since Tesla's production and delivery numbers for the first quarter of 2020 are in, let's check the results thoroughly.
First of all, it was Tesla's best first quarter ever, and unfortunately, it could've been an all-time record one, if only COVID-19 did not affect the Chinese market (extended pause at Tesla Gigafactory 3) and then basically the rest of the world.
In short, Tesla sold 88,400 cars (up 40% year-over-year), while production reached 102,672 (up 33% year-over-year). The final numbers could vary by up to around 0.5%.
"In the first quarter, we produced almost 103,000 vehicles and delivered approximately 88,400 vehicles. This is our best ever first quarter performance.
Production Deliveries Subject to lease accounting Model S/X 15,390 12,200 16% Model 3/Y 87,282 76,200 5% Total 102,672 88,400 7%
Model Y production started in January and deliveries began in March, significantly ahead of schedule. Additionally, our Shanghai factory continued to achieve record levels of production, despite significant setbacks."
Tesla Model S/X/3/Y Deliveries (quarterly) – through Q1 2020
Here is a broader outlook, which proves how great Q1 actually was. We assume that Tesla would be able to exceed 100,000 if circumstances did not complicate everything.
- Total: 88,400 (up 40% year-over-year)
Deliveries by model
- Model 3/Y: 76,200 (up 50%, new record)
- Model S/X: 12,200 (up 1%)
Besides the ongoing growth of Model 3 (supported since March by Model Y) to a new record, also the Model S/X showed some positive signs - sales increased by 1% (first time in 5 quarters).
The Q1 2020 was Tesla's 2nd best quarter ever and almost a record one. If only production would not stop, it would be surely be a record.
- Total: 102,672 (up 33% year-over-year)
Tesla produced all four of its models in California (Model Y joined in January), while the Model 3 is additionally produced also in China. Since late March, the Tesla Factory temporarily suspended production. The Gigafactory 3 in Shanghai, on the other hand, is running at record high levels.
Production by model
- Model 3/Y: 87,282 (up 38.6%, new record)
- Model S/X: 15,390 (up 8.7%)
The Model 3/Y production was at an all-time high level and we could guess that between 90,000 to 100,000 would be produced in a normal situation.
Interestingly, also the Model S/X improved year-over-year, the first time in several quarters.
Tesla Q1 2020 Vehicle Production & Deliveries
PALO ALTO, Calif., April 02, 2020 (GLOBE NEWSWIRE) -- In the first quarter, we produced almost 103,000 vehicles and delivered approximately 88,400 vehicles. This is our best ever first quarter performance.
|Production||Deliveries||Subject to lease accounting|
Model Y production started in January and deliveries began in March, significantly ahead of schedule. Additionally, our Shanghai factory continued to achieve record levels of production, despite significant setbacks.
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q1 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.