By Yasin Ebrahim
Investing.com - Tesla surged in after-hours trading on Thursday after its first-quarter deliveries topped analysts estimates, with the electric automaker hailing its "best ever" first quarter of production, despite coronavirus-led disruptions.
Tesla (NASDAQ:TSLA) was up 10% after the report.
Tesla said it had delivered about 88,400 in the first quarter of 2020, markedly up from 63,000 vehicles delivered a year earlier, and above analysts' expectations for 79,908.
The beat on deliveries arrived as the company said it had a record first quarter, producing 102,672 vehicles as the Shanghai factory continued to achieve record levels of production, even as the Covid-19 outbreak hurt output.
Model Y production got underway in January and deliveries started in March, ahead of schedule, the company said.