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Tesla stock jumps after company announces it delivered more cars than investors expected last quarter, despite having to shut down its factory due to the coronavirus (TSLA)

Reuters

Tesla delivered about 88,400 cars in the first quarter of 2020, the company said Wednesday amid a forced shutdown of some of its factories due to the coronavirus.

Elon Musk's electric car company delivered 12,200 Model S and X's in the period ended March 31, and 76,200 Model 3 and Y's. Total production was 102,672.

The delivery numbers — which Tesla warns could change as much as 0.5% — topped Wall Street's expectations of 79,908, according to FactSet data. In the fourth quarter of 2019 Tesla delivered 112,000 vehicles and 63,000 in the first quarter of 2019.

Shares of Tesla jumped as much as 12% in late trading following the numbers' release. The company's stock price has remained in the green this year as many markets sank around the world alongside record job losses and stay-at-home orders. 

Tesla shuttered its Fremont, California factory on May 23 after a scuffle with local authorities over whether or not its activities were "essential."

The first quarter is over, but the brunt of the storm could come in the current quarter for Tesla. First-quarter sales reported by other competing automakers like Ford, G, Volvo, and others have shown massive drops from the first quarter of 2019 as fewer drivers invest in new vehicles. In March, things got even worse. Volkswagen of America said March sales were down by 42%, more than three times its overall drop for the quarter. 

Still, Tesla says it had plenty of cash on hand to "successfully navigate an extended period of uncertainty," something many investors seem to agree with so far.

"If any company can navigate production hurdles and limited capacity," Dan Ives, an analyst at Wedbush, said this week, "it's Musk and Tesla looking ahead which the bulls are betting on to navigate this unprecedented pandemic."

Tesla is expected to report its first quarter financial performance later this month.

NOW WATCH: Why Tesla's Model 3 received top crash-test safety ratings

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SEE ALSO: The March jobs report is expected to be ugly. Here's why it'll be just the tip of the iceberg as coronavirus lockdowns spread.

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