Tesla sales numbers for first quarter are quite impressive

Out of the total vehicles delivered, the USA luxury electric auto manufacturer said about 11,550 were Model X sports utility vehicles and almost 13,450 were Model S sedan.

The electric cars maker said it delivered just over 25,000 vehicles in the first three months of year, beating analysts' average forecast of 24,200.

Tesla shares reached an all-time high topping $292 each on Monday, after the release of a report showing a 69 percent increase in electric auto deliveries compared to a year ago, according to ZeroHedge. According to a report by Electrek, Tesla managed to increase deliveries of its Model S Sedans not only on a year-over-year basis but also by quarter-to-quarter. 11,550 Model X, in the first quarter this year, a new quarterly record and a growth of 69% over the same period last year.

The record number of deliveries for the first quarter starts the year off right for Tesla. Consequently, those 4,650 vehicles will be included in Tesla's second quarter delivery count. As hardly believable as it sounds from a company that has a habit of missing sales forecasts, Elon Musk's brainchild outperformed nearly everyone's expectations for the first quarter of the present year. For comparison, Tesla has delivered 9,500 Model X cars in the fourth quarter of 2016, which was 42.8 percent of all deliveries.

In 2016, the company targeted to deliver 80,000 cars while delivering 76,230 vehicles.

It isn't new for the company to miss both vehicle delivery and production targets. Its US$45,4bn market value is just $870m less than Ford, which produces millions of vehicles a year. It also specialises in battery storage.

In a rather appropriate twist, the reason why Q1 vehicle deliveries for Tesla has been so successful is because of a awful Q4 performance in 2016. The stock has gained more than 37 percent this year.

The Model S remains Tesla's top seller, but once Model 3 production hits its stride, that's going to change.

  • Zachary Reyes