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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • Tesla Share Rally Propels Some Early Fan Investors To Riches

    Tesla Share Rally Propels Some Early Fan Investors To Riches

    Convinced of Tesla Inc’s imminent meteoric rise, Orestis Palampougioukis, a Netherlands-based software developer, took out a 43,000 euro ($49,000) loan in early October to invest it all in the electric carmaker, which at the time was trading at around $230 a share.

    Since then, Palampougioukis’ bet has paid off as Tesla’s share price has increased more than six-fold, trading around $1,500 on Monday and surpassing every rival to become the world’s highest-valued automaker. After investing an additional 14,000 euros in personal funds, he has pocketed around 10,000 euros in profit to date, even when accounting for the 7% interest he pays the bank.

    “To me it didn’t feel like a bet because I studied what Tesla does very closely and it’s simply inevitable that it would dominate,” Palampougioukis said, adding that he plans to own the shares for decades.

    He is not alone. Retail investors around the world, staunch believers in the company’s mission to lead the auto industry into a battery-powered future, have invested their personal money, and at times their parents’ retirement funds, in Tesla and reaped handsome rewards.

    Tesla reports second-quarter results on Wednesday after the close of trading. While analysts polled by Refinitiv on average expect the company to report a loss, a surprisingly strong vehicle delivery report boosted hopes among many retail investors for a profitable quarter.

    Discussions about Tesla on online retail investor forums have surged, with users debating whether to hold their shares in hopes of even higher returns or cash out.

    While the total number of Tesla retail investors is not known, around 75% of the company’s stock is owned by large institutional investors and Tesla executives, including Chief Executive Elon Musk, according to Refinitiv data.

    Tesla shares are among the most popular on U.S. retail investor platforms, such as Robinhood Markets Inc and TD Ameritrade. The number of users holding Tesla stock on the Robinhood trading app increased more than 400% from the first two weeks of July 2018 to the same point this year, according to data from Robintrack.net, which compiles data on the investing platform.

    In South Korea, where Tesla has become the latest craze among tech-savvy professionals, the company is the most-traded overseas stock, with Koreans buying $3.2 billion worth of Tesla shares so far this year, up nearly 13-fold from all of 2019.

    Choi Jong-wan, the former head of Korea’s Tesla owners’ club, borrowed money to invest in Tesla after the company unveiled its Model 3 in 2016. He also bought Tesla stock for his seven-year-old son, taking advantage of Korean inheritance tax breaks.

    Choi, who bought a Model S, said the company’s shares are supported by its many fans buying stock. Convinced of Musk’s vision, Choi bought when Tesla shares tanked in the past.

    “I am getting more confident about Tesla,” he said. “I will sell Tesla stock when other automakers introduce better electric cars than Tesla at competitive prices.”

    Tesla outpaced analyst estimates for second-quarter vehicle deliveries on Thursday, defying a trend of plummeting sales in the wider auto industry as coronavirus-linked lockdown orders kept shoppers at home. This report produced by Yahaira Jacquez.

    Some investors have invested their stock proceeds in the company by buying its vehicles. David, a marketing specialist from Oakland, California, who asked that his last name not be used, bought a Tesla Model 3 last August after selling some of his Tesla shares.

    He bought his first Tesla shares for a couple of hundred dollars right out of college in 2010. The company had just listed publicly, with the shares trading around $29.

    David has since invested about another $40,000 and currently holds 180 shares.

    “Tesla has treated me well so far. I believe in their vision and I believe in Elon Musk,” he said. “But the house we bought needs a new roof and I’m thinking to just sell a few shares to pay for that.”

    Musk’s own net worth has soared even higher thanks to the latest share price rally. The outspoken Tesla boss is within reach of another share-based payday potentially worth as much as $2 billion. Including previously vested tranches, Musk would own options for about $4 billion worth of Tesla shares.

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  • Volkswagen Sees Mild Growth In China’s Premium Car Segment This Year

    Volkswagen Sees Mild Growth In China’s Premium Car Segment This Year

    German automaker Volkswagen AG expects slight growth in China’s premium car segment this year despite a slide in broader market sales, a senior executive said.

    Volkswagen Group’s China chief, Stephan Woellenstein, made the remarks to reporters in Beijing on Friday.

    Volkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed Chief Operating Officer Ralf Brandstaetter to lead cost-cutting efforts.

    In China, the world’s biggest auto market, Volkswagen has joint ventures with local partners including SAIC Motor, FAW Group, and JAC.

  • Toyota To Resume Production At Its Bidadi Plant From July 20

    Toyota To Resume Production At Its Bidadi Plant From July 20

    Toyota Kirloskar Motor (TKM) has announced that it will resume vehicle production at its Bidadi plant, in Karnataka, from July 20. Following a directive issued by the Government of Karnataka, earlier this month, the company had announced that it will stop production at its plant from July 14 (second shift) to July 22nd (first shift). The directive was issued as part of the State Government’s efforts to fight the spread of the coronavirus, and the rising Covid-19 positive cases in Karnataka.

    However, under a revised directive from the Karnataka Government, Toyota can now officially resume production earlier, on July 20 itself. While many employees had left for their hometowns following the announcement of lockdown, Toyota says that at any given point, only 40 to 45 percent of the production workforce has been attending work to maintain all forms of social distancing.

    Additionally, Toyota has undertaken several measures to maintain safety and hygiene at the workplace, and it has already announced guidelines for both its factory employees and its dealer partners. All employees must also self-declare their health condition on a daily basis. If there is a situation where an employee tests Covid-19 positive, the company also takes adequate measures to quarantine those employees who might have come in contact with the infected employee through appropriate contact tracing.

    Toyota was one of the first carmakers to halt production in March, even before the Government of India issues the lockdown. The company officially resumed production around mid of May after a hiatus of over 6-weeks. In April, the company for the first time, like most OEMs, saw zero sales in India. In May, after the lockdown was relaxed, the company sold 1639 units in India, which more than doubled in June 2020, with the company selling 3866 units vehicles in India.

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  • Honda most searched vehicle brand in Vietnam

    Honda most searched vehicle brand in Vietnam

    Honda, Toyota, BMW, Mitsubishi, and Suzuki are the five most googled car brands in Vietnam, market research firm iPrice said.

    The Malaysia-based meta-search website, which operates in Vietnam and six other countries across Southeast Asia, said it considered 22 car brands googled between March 1 and May 31 this year to find the most searched brands.

    Honda topped the list since it produces both motorbikes and cars, and has an 80 percent share of the motorbike market.

    It was also the most googled brand in Thailand and Indonesia. In the Philippines, it was Toyota.

    In Singapore and Hong Kong, which prioritize green transportation, American electric vehicle brand Tesla was in first place.

    Across the seven markets, Honda was the most googled brand with 550,000 searches, followed by Toyota (368,000) and BMW (301,000). Tesla and Mitsubishi tied with 246,000 to round off the top five.

    The study also found that SUVs were the most searched cars in all seven markets, followed by sedans, MPV/WGNs, hatchbacks, and coupes.

    According to data from Vietnamese manufacturer Thanh Cong Motor and the Vietnam Automobile Manufacturers Association (VAMA), Toyota Vios was the most sold model in the first half of this year with 11,244 units.

    Sales of VAMA members, who account for more than 95 percent of the market, were down 30 percent year-on-year to 102,720 vehicles.

  • Thai Motor Show Underway In First Big Event Since Coronavirus Outbreak

    Thai Motor Show Underway In First Big Event Since Coronavirus Outbreak

    Thailand opened its twice-postponed annual auto show to the public on Wednesday in the country’s first large-scale event since coronavirus restrictions eased, with nearly all attendees wearing masks and face shields. Thailand is a major regional car production hub and its previous motor shows booked over a million people in attendance.

    Thermal scans were at the entrance to the 41st Bangkok International Motor Show and temperatures were measured as people visited booths, where waiting spots were prepared to ensure physical distancing.

    Guests were also required to check-in and out with their cellphones to allow for contact tracing. Visitors were also required to check-in and out with their cellphones to allow for contact tracing

    “I don’t come to the event every year, but I think for the first day of the event amid a pandemic, people are in quite large numbers,” said Suriya Thanakorn, 50, who was on the lookout for a new car.

    Motor shows around the world have been forced to cancel or delay due to the pandemic. But Thailand has pressed ahead having gone nearly seven weeks without local transmission of the virus, which has infected just over 3,000 people, most of which have recovered.

    Chief organizer Prachin Eamlumnow said eyes will be on how Thailand handles one of the first big global shows since the pandemic started. We take a look at the new all-electric coupe-SUV crossover from Nissan.

    “No country can arrange an event on this scale, so the other event organizers will be watching,” he said. “We have succeeded in controlling COVID-19.”

    There are 25 car brands including Nissan and BMW and 22 motorcycle manufacturers on show at booths with specific entry and exit points to prevent crowding.

    Ramesh Narasimhan, president of Nissan Thailand, said the stringent measures should be maintained to ensure good attendance throughout the 12-day event.

    “It’s really important for us to keep it for the entire show, but the first signs are very, very positive, so I’m pretty excited about that,” he said.

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  • Land Rover Reveals New Ingenium Diesel Engine Line-Up For 2021

    Land Rover Reveals New Ingenium Diesel Engine Line-Up For 2021

    Land Rover has taken the wraps off its Range Rover and Range Rover Sport models for 2021. Both models are offered in multiple variants with a variety of engine options. In fact, Land Rover has developed a completely new range of Ingenium engines. The new 2021 Range Rover and Range Rover Sport portfolio will get up to seven engine options which include three diesel engines and three petrol engines along with a new 2.0-litre PHEV unit. Actually, there is just one diesel engine in three states of tune.The new Ingenium engines are said to be efficient and refined than the outgoing engine range. These have been developed in-house.

    The new range of Ingenium diesel engines is best-suited for customers who have high mileage or those who tow stuff regularly. These new engines are built around Jaguar’s modular Aluminium engine architecture. The new range of 3.0-litre straight-six diesel engines is more refined and efficient than the outgoing range of diesel engines. Also, all diesel engines get 48V mild-hybrid technology to meet stringent emissions regulations. These engines deliver improved responses by harvesting and storing energy generated during deceleration and then redeploying it to assist the engine when accelerating.

    Diesel engine options:

    1. D250 – 245 bhp, 3.0-litre six cylinder, 600 Nm of torque at 1,250-2,250 rpm

    2. D300 – 296 bhp, 3.0-litre six cylinder, 650 Nm of torque at 1,500-2,500 rpm

    3. D350 – 345 bhp, 3.0-litre six cylinder, 700 Nm of torque at 1,500-3,000 rpm

    Petrol engines

    The petrol engine options stay the same as before for the Range Rover line-up. But the 2.0-litre P400e is a new unit. It is the most efficient engine on the 2021 Range Rover line-up. It gets a fully electric range of 40 kilometres. There is a 105 kW electric motor that is powered by a 13.1 kWh lithium-ion battery. The standard fit Mode 3 charging cable significantly reduces charging times for the P400e, with a full charge taking less three hours, compared to 7.5 hours when using a Mode 2 charging cable. In addition to the electric motor, the engine also gets a 2.0-litre four-cylinder petrol engine that makes 296 bhp. The total power output is 398 bhp and the total torque output comes to massive 640 Nm. The claimed fuel efficiency comes to around 30 kmpl for this powertrain, as per the world harmonized light vehicle test procedure (WLTP) cycle

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  • Daimler Talks With Workers Heat Up, With 15,000 Jobs At Risk

    Daimler Talks With Workers Heat Up, With 15,000 Jobs At Risk

    Labour representatives at German carmaker Daimler said on Monday that discussions with management over cost cuts had become “rougher”, after a board member said over the weekend that more than 15,000 jobs were at risk. The auto industry has been hit hard by the coronavirus pandemic, which shuts factories and showrooms forcing traditional carmakers to seek deeper cuts.

    Daimler had already said in November, before the pandemic started, that it would cut at least 10,000 jobs worldwide over the following three years, following peers as they cut costs to invest in electric vehicles while grappling with weakening sales.

    Daimler says it will deepen cost-cutting measures ahead of an expected loss in the second quarter.

    The owner of the Mercedes-Benz brand had stuck with a pledge at the time to avoid forced redundancies at its German workforce until 2029.

    Daimler board member Wilfried Porth told Stuttgarter Zeitung over the weekend, however, that more than 15,000 workers would now have to take a buyout or retire to avoid forced layoffs.

    The works council for Daimler said on Monday it was aware of the seriousness of the situation.

    The owner of the Mercedes-Benz brand had stuck with a pledge at the time to avoid forced redundancies at its German workforce until 2029

    “The tone of our discussion is getting rougher and is putting our cooperation to the test,” it said.

    Daimler managed to come through a crisis in the past, the works council said, adding it had always found a way forward, and did not expect the situation to be any different this time around.

    Daimler reiterated on Monday the company wanted to avoid forced redundancies, but for this to happen the carmaker needed to find alternative ways of cutting costs.

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  • Mercedes-Benz India Launches New Digital Solutions For Its Customers

    Mercedes-Benz India Launches New Digital Solutions For Its Customers

    Mercedes-Benz announced the launch of two new customer-centric digital solutions in India. These new solutions from the carmaker are aimed to provide not only seamless ownership experience but also reinforcing confidence in the Indian luxury car market. The Digital Service Drive Next solution comprises of several key digital service initiatives that ensure safe and hassle-free ownership experience. On the other hand, ‘Pay at your convenience’ is a smart financial solution that offers financial assistance to the customers.

    The visit of the customers to the workshop will now be auto-detected. They will be welcomed with a personalized message at the service facility along with an intimation to the entire service staff about the customer. Vehicle Digital Reception System (vDRS) is a unique services program that allows customers to stay connected with their vehicle at the comfort of being at home. The customer receives a link of ‘Service Web Check-In Pass’, which gives access to information related to the service appointment, preference selection, real-time tracking, real-time service updates, access to invoices & documents, online bill payment and more.

    The newly introduced service bill finance solution will guarantee easy payment for the service requirements, which is available with credit cards of more than 13 banks. The customers will be benefitted with credit card EMI option for up to 12 months, zero-cost EMI option for 3 months, one swipe EMI easy payment option.

    This digital program also includes WhatsApp as the new communication channel for the customer. They will now get updates related to their next service due date, allotment of service consultant, service estimate and service status on their smartphone.

    Martin Schwenk, MD & CEO, Mercedes-Benz India, said, “Every element of our strategy revolves around the customer. At Mercedes-Benz, we are designing the digital future and are responding to changing customer expectations, and faster innovation cycles. Digitalization is driving customer experience. As a customer-centric brand, we believe in the integration of digital technology in our entire value chain, from design and development to production, and finally to sales and service. Towards this strategy, today we rolled-out key customer service initiatives under our digital program DSDNxt, the Vehicle Digital Reception System (vDRS), and WhatsApp for Business. These initiatives will ensure real-time service updates to our customers remotely, ensuring utmost convenience.”

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  • Maserati Ghibli Hybrid To Be Unveiled On July 16

    Maserati Ghibli Hybrid To Be Unveiled On July 16

    Maserati’s first-ever hybrid car is all set to make its global debut on July 16. It was in June 2018 that Maserati announced that it will be launching four new plug-in hybrids (PHEV) models by 2022 and last year it confirmed that the first electrified model in its line-up would be the Maserati Ghibli Hybrid whose first public appearance was slated this year. The Maserati Ghibli Hybrid will be manufactured at the Modena plant where the company is significantly upgrading its production line and is investing 800 Million Euros for a new one.

    The Maserati Ghibli on sale in India is offered with a 3.0-liter twin-turbo V6 petrol engine that is designed by Maserati Powertrain and is built at the Ferrari plant in Maranello. The engine is Euro6 compliant and promises an exciting drive while keeping the emissions in check. The petrol engine also comes with a new exhaust system controlled by pneumatic valves. Moreover, the engine features advanced valve control technology with hydraulic roller finger followers and four-cam phasers, twin-turbocharging, and direct injection technology.

    Maserati in its five-year plan had also announced that it will bring refreshed versions of the Ghibli and Quattroporte sedans before it gets built on a completely new platform by 2022. Moreover, the Levante SUV will also be updated, and we’ll also see a new smaller SUV joining the Maserati portfolio before 2022. Based on a completely new platform, the new Levante along with the Ghibli and Quattroporte will also be offered with an electrified (hybrid) powertrain for the very first time.

  • Harley-Davidson To Cut Hundreds Of Jobs As Part Of Turnaround Strategy

    Harley-Davidson To Cut Hundreds Of Jobs As Part Of Turnaround Strategy

    Harley-Davidson Inc on Thursday said it will lay off 500 employees this year as part of new Chief Executive Jochen Zeitz’s efforts to revive the struggling motorcycle maker.

    As part of the overhaul, Chief Financial Officer John Olin will leave the company effective immediately. Darrell Thomas, treasurer, will become interim chief financial officer, it said.

    Harley-Davidson’s sales have been declining for the past five years in the United States, its largest market, as its baby-boomer customer base ages. The economic pain caused by the coronavirus pandemic has further dented retail demand.

    Jochen Zeitz was appointed as CEO of Harley-Davidson in February 2020, and he’s hailed for turning around the Puma brand’s near-bankrupt business

    In response to weak sales, the Milwaukee-based company has cut production, leading to 140 job cuts last month at its factories in Pennsylvania and Wisconsin.

    The latest cuts are in addition to those layoffs, a company spokeswoman said.

    Zeitz, who took over in February, is hailed for turning around the Puma brand’s near-bankrupt business.

    His restructuring strategy, dubbed The Rewire, is aimed at making Harley a leaner and more nimble organization. It seeks to reset product lines, focus on the company’s core strengths and prioritize profitable markets.

    “Significant changes are necessary, and we must move in new directions,” Zeitz said.

  • Ford’s Quarterly China Sales Rise For The First Time In Three Years

    Ford’s Quarterly China Sales Rise For The First Time In Three Years

    Ford Motor Co said its China vehicle sales increased 3 percent in April-June from a year earlier, its first quarterly sales rise in the world’s biggest auto market in almost three years.

    Ford has been seeking to recover from a slump in sales unprecedented for a major global automaker in China, with sales sinking 26 percent last year after a 37 percent drop in 2018.

    Company sources have previously said those sales were hurt by an aging model lineup, a breakdown in relationships with its joint venture partners and dealers, as well as missteps by past management teams.

    China sales for the second quarter climbed to 158,589 units, Ford said in a statement, attributing the rise to a stronger vehicle lineup including new sport-utility vehicles and locally-made luxury Lincoln cars and “strong demand following the lifting of COVID-19 pandemic restrictions”.

    By contrast, rival General Motors said its sales in China for the quarter declined 5.3 percent to 713,600 units.

    Industry-wide vehicle wholesale sales rose 4.4 percent in April and 14.5 percent in May and are expected to grow 11 percent in June, the China Association of Automobile Manufacturers has said.

    In China, Ford makes cars through its joint ventures with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC).

    In the United States, where sales have been hit by lockdowns and travel restrictions, Ford’s sales plunged 33 percent during the quarter.

  • Tesla Shares Surge 13% As Strong Deliveries Drive Profit Optimism

    Tesla Shares Surge 13% As Strong Deliveries Drive Profit Optimism

    Shares of Tesla Inc surged 13% to a record high on Monday, extending their rally to over 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.

    The day’s jump increased Tesla’s stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor, currently at $25 billion.

    JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. With Tesla’s stock up nearly 500% over the past year, many investors believe the rally is unsustainable

    “We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several years,” JMP Securities analyst Joseph Osha wrote in a client note. Tesla’s annual sales could hit $100 billion by 2025, he predicted.

    JPMorgan, which rates Tesla “underweight,” raised its price target to $295 from $275, while Deutsche Bank upped its target to $1,000 from $900. The median analyst price target for Tesla is $675, compared with its current price of $1,372, according to Refiniti. Alex Barrat from Stake takes us through the overnight moves – Tesla in focus, up over 40% in the last week.

    Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in Tesla’s history that it would report four consecutive quarters of profit.

    However, with Tesla’s stock up nearly 500% over the past year, many investors believe the rally is unsustainable. The stock is trading at 158 times expected earnings, according to Refinitiv, an exceptionally high valuation.

    Following Monday’s surge, Tesla’s market capitalization stood at $245 billion, growing its lead as the world’s most valuable automaker.

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  • BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW is holding its first-ever art-driven motor show in its luxury class showroom in Wan Chai, Hong Kong this month.

    The brand’s “The Art of Decoding” event involves an interactive experiential concept featuring six key aesthetics encouraging visitors to learn more about the BMW DNA.

    Different zones at the exhibition showcase 19 BMW art pieces, in which participants can “decode” using smartphones to learn the stories behind each car model on show.

    Visitors are invited to register online to receive a personal QR code to be activated on-site, before taking photos of a “digit wall” using AR technology to decode the numerical visuals and integrate art aesthetics into the photo.

    Visitors can also present their QR codes on the interactive digital interface, select their favorite illustrations depicting the craft and design of BMW classic series designed by a local artist and create their own personalized branded postcards using their own names.

    Through “The Art of Decoding” journey, visitors will experience BMW contemporary aesthetics, craft, and design, decoding the stories behind every art piece and luxury model

    The event will showcase the latest X5M and X6N models alongside several classics through to July 26.

  • Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini, the Italian luxury sports car manufacturer is gearing up to unveil something exciting, which the company claims will be ahead of its time. The carmaker has officially released a teaser graphic image asking people to tune in for a digital event that is streamed online through Lamborghini’s official website. The event is scheduled for July 8, 2020.

    However, the company hasn’t revealed the exact vehicle that will be revealed next week. Currently, there are several wild guesses and speculations regarding the supercar that the Italian marque will be revealing in the next few days. Going by the teaser image, the Lamborghini has used phrases such as ‘ahead of its time’ and ‘newest creation’, hints that the upcoming car could be a new model or even a one-off concept.

    It is also believed that the Italian brand could unveil a new iteration or a derivative of the Lamborghini’s Sian FKP 37 which was officially introduced last year. Several rumour mills are claiming that the upcoming car could be a Sian FKP 37 roadster, however, several reports suggest that all units of the car have been sold out already. Notably, more details about the Sian roadster are rare at this moment

    Lamborghini is believed to be working on three new supercars which include SCV12 track car, which has already been teased. The company is also believed to be building a Sian Roadster. The third product is a track-focused Huracan STO. And, the spy pictures suggest that it could be a more hardcore version of the Huracan Performante. We request the readers to take this with a pinch of salt. The mystery car will be unveiled in the next few days.

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  • Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalization overtook that of former front runner Toyota Motors Corp. Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion – roughly $6 billion more than Toyota is currently valued by investors. Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co.

    The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.

    After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

    Toyota, one of the world’s most profitable automakers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of 30,226 billion yen, or roughly $281.20 billion, during that time.

    Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

    Tesla is expected to report second-quarter delivery numbers this week.