Shares of electric-car maker Tesla (NASDAQ: TSLA) are soaring in after-hours trading on Thursday. As of 5:23 p.m. EDT, the stock was up more than 18% -- about $85 per share higher than the $454.47 price it closed the trading day at.
The stock's steep rise was driven by the release of Tesla's first-quarter delivery numbers, which crushed analysts' consensus estimates.
Tesla said it delivered 88,400 vehicles for the quarter, and while that figure was down 21% sequentially, it was up 40% year over year. The automaker also said it produced 102,672 vehicles during the quarter. Impressively given the coronavirus-related factory shutdowns during the period, that was only a few thousand vehicles short of the record 104,891 vehicles the automaker produced in Q4.
Management said the Model 3 and its recently launched Model Y accounted for 76,200 of those 88,400 vehicles. Combined Model S and Model X deliveries for the period were 12,200.
Those results far exceeded analysts' average forecast of 79,908. Those figures had been adjusted lower in recent weeks as analysts attempted to gauge the impact of the COVID-19 pandemic on the electric-car company.
While manufacturing at Tesla's factory in Fremont, California, remains on hold, the company said that it is ramping up production at its new factory in Shanghai, China, "despite significant setbacks."
There was no mention of whether the automaker still expects to hit its prior full-year guidance for deliveries in excess of 500,000 vehicles.
Editor's note: A previous version of this article referred to Tesla's Q4 2019 vehicle production number as deliveries. The article was corrected. The author regrets the error.
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