• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

Current price of silver as of Thursday, September 3, 2026

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

Current price of silver as of Thursday, September 3, 2026

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch
TechTesla

Tesla second-quarter deliveries trounce Wall Street expectations—and its bigger rivals

By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
July 2, 2020, 11:16 AM ET
Google source logo
Add Fortune on Google for similar content.

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

Tesla continued its long, barely interrupted streak of outperforming Wall Street’s predictions, announcing Thursday morning that it had delivered 90,650 total vehicles in the second quarter of the year. The consensus estimate among stock analysts was 72,149 total deliveries according to FactSet, and 83,071 as calculated by Bloomberg.

The electric-car maker’s stock careened up 9% in pre-market trading on the announcement—another event that is becoming routine. This morning’s report included only raw delivery numbers, and Tesla’s financial results for the second quarter, including key measures of profitability, will be reported in late July.

The beat, of course, is particularly notable because it comes in the midst of the coronavirus pandemic. That has constrained Tesla’s ability to produce cars, even as a global economic slowdown tamped down consumers’ eagerness for big new purchases. On the production side, Tesla managed to produce 82,272 total units in the second quarter, compared to 102,672 in the first quarter.

Tesla says it delivered 80,050 of its mid-market Model 3 and Model Y vehicles, and 10,600 of its S and X luxury models. That continues a long trend of decline for the luxury models, which are more profitable on a per-unit basis: Tesla delivered 12,200 S and Xs in the first quarter of this year, and 17,400 in the third quarter of 2019.

Tesla hasn’t completely escaped the gravity of the coronavirus; the overall delivery numbers were down nearly 5% from the same period last year. But Tesla appears to have solidly outperformed established carmakers: Ford reported a 33% year-over-year decline in U.S. sales on Thursday, while GM reported a 34% drop and Fiat Chrysler’s slumped 38.6%.

That’s not an entirely apples-to-apples comparison, because Tesla’s numbers also include sales in China, where its new Model 3 factory reached full production earlier this year. Tesla registration numbers in the country dropped by as much as 46% during the initial coronavirus wave there, with just 3,563 vehicles registered in January. But by May, China started to bounce back from the coronavirus, and so did Tesla’s numbers: 11,095 locally made Model 3s were reported sold there for the month.

While China has been a crucial cushion, Tesla’s success also came partly from its defiance of mandated coronavirus control measures in the United States. Most dramatically, it reportedly continued producing cars at its Fremont, Calif., factory against local orders mandating the shutdown of nonessential businesses during the pandemic’s initial surge. On a fiery earnings call in early May, CEO Elon Musk referred to the lockdown orders as “fascist.” A few days later, Tesla filed suit against Alameda County, where the factory is located, and where local authorities had repeatedly insisted it should not be making cars. Alameda County appears to have since backed down on enforcing its order.

Workers at the plant have staged protests against lax safety measures, and several tested positive for the virus. In late June, two workers told the Washington Post they had been fired for staying home during the height of the pandemic, despite assurances from Musk that they weren’t obligated to work.

After financial results are reported later this month, Tesla’s next big milestone is expected to be a major event previewing its highly anticipated battery development efforts. The event is anticipated to detail innovations that allow batteries to last longer, possibly at a lower production cost. Musk recently announced that the event was tentatively scheduled for Sept. 15.

About the Author
By David Z. Morris
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in Tech


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Tech


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.