Tesla sees strong Model Y production, deliveries; shares rise

Tesla Inc said on Thursday Model Y production and deliveries were significantly ahead of schedule, even as its March quarter deliveries fell short of Wall Street estimates by about 5,000 vehicles. The company`s shares surged about 15% in extended trading.

The electric carmaker said Model Y production started in January and deliveries began in March, significantly ahead of schedule.

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It also said that its Shanghai factory in China continued to achieve record levels of production, despite significant setbacks.

Tesla last month suspended production at its Fremont, California, assembly plant under pressure from local authorities to curb the spread of the virus.

The company delivered 88,400 vehicles in the first quarter, including 76,200 Model 3/Y sedans and 12,200 Model S/X SUVs, below estimates of 93,399 vehicles, according to IBES data from Refinitiv.