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Tesla delivers outstanding Q2 results

Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Tesla is now the no. 1 global carmaker by market capitalization.

Tesla doesn't cease to surprise with its performance. If at the end of the quarter it broke its own record, as the share price gained 8% pushing its market cap at over $200 billion, today, it amazed analysts with its financial report. 

The report showed that Tesla delivered around 90,650 vehicles in the previous quarter, exceeding by far analysts expectations of 72,000. The deliveries dropped by only 4.8% compared to the same quarter last year. Moreover, the company said the production is back to pre-pandemic levels. 

The overall opinion is that the electric carmaker passed the pandemic test better than some of its competitors – Toyota, Ford, General Motors, and Fiat Chrysler, which scored losses of 30% in the second-quarter sales, as plants & dealerships closed and consumers stayed home.

During today’s pre-market session, stocks soared more almost 9% to $1,219.02, after Wednesday they closed at a record of $1,133.36 reaching a market cap of more than $207 billion, exceeding Toyota’s $204 billion.

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.