Tesla has defied expectations for the second quarter, revealing that it delivered an impressive 90,650 vehicles despite the coronavirus pandemic.
A figure of 90,650 vehicles is down 5 percent from Q2 last year and is a slight increase over the 88,496 cars that Tesla sold in Q1 2020. What makes the automaker’s second-quarter result particularly impressive is the fact that Q2 sales at Ford, GM, and FCA all dropped by 30 percent or more in the second quarter.
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For roughly two months, Tesla was forced to close its factory in Fremont, California to control the spread of the coronavirus. The New York Times reports that Tesla looks to have made up for the Californian shutdown by aggressively ramping up deliveries in China that got back to business surprisingly early on in the Covid-19 crisis.
On the back of Tesla’s positive Q2 results, shares in the company closed at an all-time high of $1,208.66 on Thursday, giving it a market value of almost $210 billion, greater than that of Toyota, making Tesla’s the world’s most valuable car manufacturer by market cap and giving it roughly three and a half times the combined value of General Motors and Ford.
Tesla’s stranglehold over the electric vehicle market shows no signs of abating. Not only did deliveries of the all-electric Model Y start earlier this year, but the company is also constructing a new Gigafactory just outside of Berlin, Germany. It is also close to confirming Austin, Texas as the location for the Cybertruck’s factory.
