Published: Sun, April 09, 2017
Electronics | By Lorenzo Hawkins

Tesla reports record deliveries of vehicles in 1st quarter

The company delivered about 13,450 Model S cars and about 11,550 Model X SUVs in the first three months of the year. This is a significant increase considering that in the second quarter of 2016, Model S sales were less than 10,000 which raised doubts over the future of the sedan. It now has 4,650 cars in transit to customers and they will be counted in the delivery figures for Q2 2017.

However, it is going to have to step-up production significantly ahead of its next release, with hundreds of thousands of people already pre-ordering the lower-cost Model 3, with limited shipments expected to begin by the end of this year.

Tesla has said it expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017.

It marks a strong recovery from the 9% drop in deliveries in the fourth quarter, affected by output troubles. He believes the bulk of focus for investors moving forward won't be its delivery guidance, but rather updates and progress on the Model 3 auto, the Gigafactory ramp and future solar roof products.

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Analysts and Tesla fans had eagerly watched for this number, as they do all Tesla financial information.

After a slow start in Germany for the first 3 years of presence in the country, Tesla started making progress in this hard market dominated by local manufacturers last year and the progress is continuing in 2017. Therefore, the upbeat first quarter figure is a good sign, considering Tesla proposes to offer a much cheaper Model 3 in July with mass production by year-end and a 500,000 annual rate in 2018. Investors responded positively, despite CEO Elon Musk's warning that the maker's finances were "getting very close to the edge". With Tesla hitting all-time high, almost $300, what is there for investors?

Tesla also announced Sunday that during the quarter, not only did it produce 25,418 vehicles, but that about roughly 4,650 vehicles were on their way to their customers. While the automaker saw record sales of its Escape vehicles, Ford sold a total of a little under 237,000 vehicles this past month.

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