Tesla Shares Rise On Record Deliveries

Tesla’s stock rose some 15% in extended trading on news the automaker had its highest number of vehicles deliveries in a single quarter.

In a filing with the SEC, Tesla disclosed that it produced 102,672 vehicles, and delivered 88,400. in the first quarter. As Reuters points out, this was higher than expected in the midst of a pandemic-driven economic crisis.

Webush analyst Daniel Ives told Reuters, “it appears China production and demand are starting to rebound and should be a key growth driver over the coming quarters, although clear challenges remain in the months ahead.”

One of those challenges is the shutdown of Tesla’s California factory. It remains to be seen how much the shutdown will impact production, although the longer the crisis goes on, the more serious of an impact it will have.