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Tesla: shares jump as deliveries exceed consensus

( - Tesla shares jumped 9% on Friday after the Californian electric car maker delivered more vehicles than expected in the first quarter.

The Palo-Alto company delivered 88,400 vehicles in the first three months of the year, its best ever first quarter performance, beating the consensus of about 79,000.

"Model 3 & Y accounted for 76,200, which handily beat the Street's
expectation of 68,674," Wedbush analysts wrote in a note today.

As a reminder, Model Y production started in January with deliveries beginning in March, significantly ahead of schedule.

In a bleak environment that is tainted by the Covid-19 outbreak, these delivery numbers come as a sigh of relief for the bulls, Wedbush added.

"While cash burn will be heightened in the near term due to this anomalous global situation, we believe the longer-term trends remain very healthy," the broker said.

Analysts at Canaccord Genuity seemed to agree.

"We view these results as a clear indication that EV demand had remained strong for Tesla well into the quarter, and that the company is well positioned to satisfy that renewed demand once the Covid-19 pandemic abates," the Canadian broker noted.

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