Former Ford CEO explains why Tesla's stock is growing

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Mark Fields, TPG Capital senior advisor and former Ford president and CEO, joins 'Closing Bell' to discuss Tesla's record run and what could be the future of the company. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla and more: https://cnb.cx/2BT2E7y Tesla shares soared in premarket trading Thursday after the automaker said it delivered about 90,650 vehicles in the second quarter, handily beating Wall Street expectations as the electric car maker’s sales withstood the economic downturn better than most competitors. Analysts expected Tesla to deliver about 72,000 vehicles during the last three months, according to a consensus of analysts surveyed by FactSet. A broader set of analyst estimates, compiled by Bloomberg, set higher expectations — 83,000 vehicle deliveries in the second quarter. Shares of Tesla zoomed nearly 9% to $1,219.02 in Thursday’s premarket, a day after closing 3.7% higher to $1,119.63. Deliveries are the closest approximation of sales numbers reported by Tesla, and the electric car maker’s numbers held up significantly better than its competitors. Tesla’s deliveries fell by just 4.8% from the same quarter last year even as auto sales the world over, and especially in the U.S., slumped during the quarter after Covid-19 outbreaks led to health restrictions on households, travel and businesses, mass layoffs and wage cuts.