- Tesla's first quarter deliveries topped Wall Street expectations on Thursday.
- The company's stock jumped as much as 10% after it reported strong numbers despite shuttering its factory in March.
- Earlier, the company said it had plenty of cash on hand to "successfully navigate" the pandemic, even if it's extended.
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Tesla delivered about 88,400 cars in the first quarter of 2020, the company said Wednesday amid a forced shutdown of some of its factories due to the coronavirus.
Elon Musk's electric car company delivered 12,200 Model S and X's in the period ended March 31, and 76,200 Model 3 and Y's. Total production was 102,672.
The delivery numbers which Tesla warns could change as much as 0.5% are slightly above Wall Street's expectations of 79,908, according to FactSet data. In the fourth quarter of 2019 Tesla delivered 112,000 vehicles and 63,000 in the first quarter of 2019.
Shares of Tesla spiked as much as 10% in late trading following the numbers' release. The company's stock price remained in the green this year as many markets sank around the world do to the coronavirus. Tesla shuttered its Fremont, California factory on May 23 after a scuffle with local authorities over whether or not its activities were "essential."
Still, the company said it had plenty of cash on hand to "successfully navigate an extended period of uncertainty." Something many investors seem to agree with so far.
"If any company can navigate production hurdles and limited capacity," Dan Ives, an analyst at Wedbush, said this week, "it's Musk and Tesla looking ahead which the bulls are betting on to navigate this unprecedented pandemic."
Tesla is expected to report its first quarter financial performance later this month.
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