The COVID-19 pandemic caused a lot of production delays and a drop in sales for many companies but not Elon Musk’s Tesla. The company only reported a 5% drop in car deliveries in the second quarter of 2020 compared to 2019.
A drop is still a drop but in comparison to the 30% or more drop car delivery ratio in the records of other automakers, Tesla can be applauded.
Tesla reported the delivery of 90,650 cars to customers during the second quarter of 2020. This was an improvement on the 88,400 cars it was able to deliver in the first quarter of 2020.
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In the first quarter, although the COVID-19 pandemic hit Tesla’s production; its records show a 20% drop in production from the first quarter, as Tesla was forced to shut its factory in Fremont, California, for months. The shelter in place order, which CEO Elon Musk vocally opposed, caught Tesla as they do not classify the company as an essential business.
Tesla shares have, however, been on a high recently. That high has not made Tesla the most valuable automaker in the world, even though it dwarfs the more established automakers in sales statistics. This year, the electric car company has seen its shares rise by a staggering 168%.
With this kind of numbers and a steady increase in deliveries, Tesla will likely sustain that valuation. This is also good news for Musk who doesn’t earn a salary but is rewarded via performance-based compensations.
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