Despite factory shutdowns earlier this year as Tesla (NASDAQ: TSLA) dealt with the coronavirus pandemic, the electric-car maker’s shares have soared in 2020. The growth stock is up nearly 700% year to date. It’s been an extraordinary run, to say the least.
One key reason for investor optimism toward the company this year is Tesla’s ability to grow vehicle deliveries rapidly despite the factory shutdowns it endured. Demand and supply have both grown sharply, fueling strong growth in deliveries.
But Tesla still has one major vehicle delivery milestone it has yet to hit: annualized sales of 500,000 deliveries. Can the electric-car maker hit this important target before the end of the year?