Tesla Comes Through With Record Delivery Numbers, Disappointing The Darkside
- Author: Carolyn Briggs Apr 05, 2017,
Apr 05, 2017, 10:32
TSLA also said it produced 25,418 vehicles during the quarter, another record, and that roughly 4,650 vehicles were still in transit at Q1's end.
Tesla surpassed Ford's value despite delivering fewer than 80,000 vehicles globally past year, compared to Ford's 6.7 million, according to Bloomberg. The statement added: "Our delivery count should be viewed as slightly conservative, as we only count a auto as delivered if it is transferred to the customer and all paperwork is correct".
Recently, Tesla Inc (TSLA) had disappointed several times with the number of the delivered cars because of production problems.
Starting in July, the company will begin production of the Model 3, which is being marketed as a compact auto for the masses.
Last week China's Tencent Holdings bought a 5% stake in Tesla for nearly $1.8 billion.
Musk is correct about the misery suffered by those betting against Tesla, a popular trade on Wall Street where skeptics say the company is in danger of being overtaken by older, deep-pocketed manufacturers like GM.
Tesla is well on its way to achieving its ambitious goals for Model 3 production. Of the cars delivered, 11,550 were its more expensive Model X, with a starting price of $85,550 and added features that can push it up to $142,000.
With electric-car maker Tesla's (NASDAQ:TSLA) higher-volume, lower-cost Model 3 on the horizon, investors likely expect the company to show that it can at least meet its smaller, near-term targets for its Model S and Model X deliveries. Total production in the quarter was 25,418 vehicles, another quarterly record. In short, Tesla, year over year, managed to increase its delivery count by a whopping 69%.
"It's all about the Model 3 right now, but this is very good news", said Ben Kallo, an analyst at Robert W Bair. The Model 3 will be priced around $35,000, and the company expects to produce the auto in higher volumes than its other models. But since the stock has risen quickly, up 38 percent in 2017, their overall exposure to Tesla has grown.