The pandemic has triggered a collapse in the stock market. However, Tesla’s stock challenges the dominance of the coronavirus in the exchange market despite the suspension of production in Shanghai and the United States. The company has recorded a steady profit growth for the third consecutive quarter. Meanwhile, Tesla’s rosy earnings captured traders’ attention. As a result, its stock soared almost 10% after the release of an optimistic financial report. The company announced that its revenue increased by 32% to $6 billion in the first quarter this year compared to the same period last year, while adjusted profit for the same period amounted to $16 million. However, there is no doubt that the pandemic has had an adverse impact on the electric vehicle company. The coronavirus has caused a disruption to Tesla’s current and future supplies. Nowadays, it is hard to make any forecasts. Apparently, the virus has not been tough on the company’s shares yet. Elon Musk even declared that Tesla’s stock prices were too high. The company delivered 76,200 of Model 3 sedans, including Model Y crossovers, and 12,200 of more expensive Model S and Model X electric cars in the first quarter of 2020. Its revenue from selling electric vehicles reached $5.1 billion. However, in general terms, the demand for any cars, including electric ones, dropped sharply. It means that the second half of the year could be a serious test for Tesla.
