Tesla Sets Quarterly Record, Delivers 25000 EVs So Far In 2017
- Author: Zachary Reyes Apr 08, 2017,
Apr 08, 2017, 14:11
That topped the average forecast of 24 200 from three analysts and should bolster confidence in Tesla's target of delivering as many as 50 000 cars in this year's first half.
In addition to the first quarter deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter and will be counted as deliveries in the second quarter, Tesla said in a statement on Sunday. Tesla reportedly produced a record 25,418 vehicles during the quarter.
Besides its achievement in the Model X segment, it has also scored in terms of overall production for the first quarter.
However, what is shaping up to be a record quarter for Tesla shows that demand for both the Model S and Model X remains strong, even with the highly-anticipated, less-expensive Model 3 on the horizon.
The figures reported by Tesla are preliminary, and may change when the automaker reports its quarterly earnings next month. "The release of Q1 deliveries was another de-risking event for the stock, and we expect shares to trade higher as investors are increasingly able to focus on the Model 3", Kallo wrote in a note to clients.
As if managing this massive scale-up in production wasn't enough, Tesla also has to manage the Gigafactory, which supplies the vehicle's batteries. At the time, the company had encountered production problems, causing it to push the delivery of many units towards Q1 of 2017. While Tesla beat analyst estimates, Ford's March sales dropped 7.2 percent year over year, sending its stock down on Monday.
Recently, a Chinese technology company that is behind WeChat, Tencent, purchased a 5% stake in Tesla which is worth about $2.2 billion. The Palo Alto, California-based carmaker saw deliveries bounce back by 69 percent compared to a rough first quarter in 2016. Tesla releases global sales figures quarterly, instead of the monthly country-by-country results typically announced by other auto makers.