Tesla Trades Higher After Strong Q1 Delivery Figures

Tesla Inc. TSLA shares traded higher after the company reported first-quarter delivery and production figures.

In the first quarter, Tesla said the company delivered 12,200 Model S/X vehicles and 76,200 Model 3/Y vehicles. The total deliveries were 88,400 and the total production 102,672. Analysts had expected 79,908 deliveries, according to FactSet.

"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," the company said. "Final numbers could vary by up to 0.5% or more."

Auto manufacturers have seen softening demand globally over the last month as consumers prioritize food, health and essentials over new car purchases.

"If any company can navigate production hurdles and limited capacity, it's Musk and Tesla looking ahead, which the bulls are betting on to navigate this unprecedented pandemic," Wedbush analyst Dan Ives said in a note earlier this week.

Tesla shares were trading up 11% at $506 in Thursday’s after-hours session. The stock has a 52-week high of $968.99 and a 52-week low of $176.99.

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