Tesla Inc (NASDAQ:TSLA) Delivers Record 25000 Vehicles in Q1
- Author: Zachary Reyes Apr 05, 2017,
Apr 05, 2017, 18:04
Elon Musk's Tesla has accelerated past expectations to deliver just over 25,000 cars in the first three months of the year, an increase of 69 per cent on the same time last year.
Following company's first-quarter sales, Tesla's stock rise up with shares are up with an impressive 63% and is trading at about $297. While 13,450 units of its Model S sedan were delivered in the quarter, approx. Now, the Palo Alto-based company expects to deliver between 47,000 and 50,000 Model S and Model X vehicles in the first half of 2017.
Production in the first quarter also hit a quarterly record at 25,418 vehicles. Further, the EV maker stated that the final number could vary by up to 0.5%.
It is expected that the coming months will be challenging for the company as the production of the Model 3 is expected to start in July.
Tesla, the youngest and smallest publicly held USA automaker, saw its market capitalization surpass Ford's on Monday, making it the most valuable US auto manufacturer, according to Bloomberg.
For that plan to work, Tesla will need to execute a smooth production ramp-up for the Model 3, something it hasn't been able to pull off with any of its previous product launches.
Last week China's Tencent Holdings bought a 5% stake in Tesla for nearly $1.8 billion. The company is now 40 percent of the ways toward hitting its target with these two models. While Tesla beat analyst estimates, Ford's March sales dropped 7.2 percent year over year, sending its stock down on Monday. Aside from these, approximately 4,650 vehicles were in transit, which would be accounted as deliveries in the second quarter.
Tesla's stock closed Friday's session at $278.30.