03.04.2020 Tesla Daily Analysis

03.04.2020 Tesla Daily Analysis

Tesla on Thursday released its First Quarter (Q1) deliveries and Production figures. The company delivered 88400 vehicles in the first quarter, a performance the company called its “best ever” first quarter, beating many analysts' expectations. Total production was 102672 vehicles. This made the stock jump 18% in extended trade. The stock had previously closed at $454.47 after falling 5.6%. However, Tesla didn't address its earlier 2020 guidance for more than 500,000 deliveries. Many analysts have slashed full-year targets due to the coronavirus. The Tesla Fremont plant is closed for an indefinite amount of time. There is also the fact that the economy is on the verge of a recession and the company is facing some serious competition in Europe especially Norway where the other vehicle companies are beginning to land with their electric vehicles. Tesla, however, says that it's China company is achieving “record levels of production, despite significant setbacks.”