The coronavirus COVID-19 outbreak affected Tesla production in China and the U.S.
In the company's 2019 fourth-quarter earnings call, CEO Elon Musk and CFO Zachary Kirkhorn said Tesla should "comfortably exceed" sales of 500,000 electric vehicles in 2020.
Breaking it down by model, analysts had expected combined deliveries of 68,674 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 11,234 older and more expensive Model S and X vehicles. CFO Zachary Kirkhorn said, at the time, "For Q1, please keep in mind that the industry is always impacted by seasonality." He also noted, "We may be temporarily impacted by the coronavirus. At this point, we're expecting a one to a one-and-a-half week delay in the ramp of Shanghai built Model 3 due to a government required factory shutdown.
JMP Securities' Joseph Osha wrote in a note to investors on Tuesday, "Obviously, much has changed for TSLA recently, and with that in mind we revise our model to reflect lower production and delivery activity for 2020." Osha now expects Tesla to deliver around 433,000 cars to customers this year but sees Tesla returning to form in 2021.
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