Tesla delivers quarterly record of 25000 vehicles in Q1
- Author: Zachary Reyes Apr 14, 2017,
Apr 14, 2017, 16:20
Tesla Inc TSLA.O , the US luxury electric auto maker, said on Sunday first-quarter vehicle deliveries jumped 69 percent from a year ago to a quarterly record of 25,000 vehicles, bouncing back from delays in the previous quarter. The deliveries exceed the average forecast of about 24,200 from three analysts surveyed by Bloomberg, and keeps the auto maker on track toward its projection of 47,000 to 50,000 cars in this year's first half. In 2016, for instance, the electric auto maker missed vehicle delivery targets leading to questions over whether the company was serious about achieving its ambitions of production 500,000 cars next year. The Model 3 is the first high-volume, economical vehicle that Tesla Motors has come up with. Forbes had recently reported that a large portion of the firm's bond issued to finance the Model 3 production, when considering the underwriter fees and hedging costs, could face its interest rate ballooned from 2.375% to almost 7%.
Each year seems to be "the year" for Tesla, meaning it's a very important time for the still-young automaker. 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 notched up the best vehicle production delivery results, building 25,418 Model S sedans and Model X crossover vehicles in the quarter that ended 31 March.
Germany was a great contributor with a 157% increase in deliveries year-over-year during the first quarter. So, expect Tesla shares (NASDAQ:TSLA) to rally today, and possibly in the coming days as well.
However, since then it has been a steady ride for Model S though it has failed to break the record of 17,000 deliveries in a quarter set back in the fourth quarter of 2015. Of the roughly 25,000 deliveries, approximately 13,450 were the Model S hatchback, and about 11,550 were the Model X SUV.
According to CEO Elon Musk, the company is looking to ramp up annual production to 500,000, including the Model 3, in 2018. Its US$45.4 billion market value is just $870 million less than Ford, which produces millions of vehicles a year. The stock is up 30 percent year-to-date.