Tesla delivers over 88,000 cars in Q1 of 2020; set to achieve annual target of 500,000 cars

Tesla delivers over 88,000 cars in Q1 of 2020; set to achieve annual target of 500,000 cars

- Tesla's Chief Executive Officer, Elon Musk, has predicted achievement of the company's 2020 sales target

- He made the statement after Tesla recorded a sale of 88,400 vehicles in the first quarter of the year 2020

- Analysts predicted the company would sell about 79,900 vehicles by the end of the quarter

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Tesla’s Chief Executive Officer (CEO), Elon Musk, has predicted the company would achieve its sales target for the year 2020.

This comes after the company recorded a sale of 88,400 vehicles in the first quarter of the year.

Analysts have, meanwhile, predicted the sale of about 79,900 vehicles by the end of the quarter.

READ ALSO: COVID-19: Tesla's shares rise by 9% following the reopening of Shanghai factory

Musk, together with Tesla’s Chief Finance Officer, Zachary Kirkhorn, stated via a call that the company will very likely achieve its target of 500,000 electric cars by the end of the year.

The company’s executives, however, cautioned investors about the possibility of challenges ahead, especially with the outbreak of the coronavirus, CNBC reports.

Details of the achievement of the Q1 target led to an over 17% rise in Tesla’s stocks in hours.

YEN.com.gh has learned that the 88,400 cars were made up of 76,200 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles.

Both aspects beat estimates projected by analysts; they projected deliveries of 68,674 Model 3 and Model Y vehicles and combined deliveries of 11,234 Model S and X vehicles.

The Quarter is the first in which Tesla produced and delivered the Model Y, which is its newest vehicle.

In other news, Tesla recorded massive profits in the fourth Quarter of the year 2019.

Contrary to predictions, the company earned $386 billion or GHC2,142,354,812 in revenue during the period.

Bloomberg reported that market watchers expected the company to earn an adjusted gain of $1.74 share and $7.1 billion in profit.

Per a report by businessinsider.com, the company’s adjusted earnings amounted to $2.14 per share on the profit of $7.4 billion.

READ ALSO: 6 surprising features Tesla workers have revealed to customers about their cars

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Source: Yen

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