03 July 2020 by jbchevrel
Tesla (TSLA) said earlier this week it had delivered 91k vehicles in Q2, well ahead of ahead of analysts’ expectations for 74k according to a Refinitiv survey. This was despite closing its Fremont, California, plant from late March to early May. That was still down c-5% from Q219. TSLA CDS closed 226bp as of Thursday evening. TSLA 5y CDS annual premium has been divided by more than 3 over the past 13 months, but it remains 1.7x more expensive than what it cost in mid-February, right before the COVID crisis started to rattle markets. TSLA latest leg higher this week made it the biggest carmaker in the world by market cap, in particular ahead of Toyota. TSLA market cap closed $224b as of yesterday, which is c$20b more than Toyota. TSLA market value has been multiplied by around 5.5x over the past year. In terms of volumes, TSLA has delivered 3% as many cars as Toyota in 2019. TSLA benefitted from the fact that their new car plant in Shanghai (open since Jan) was less affected.