Tesla Breaks Record, Delivers 25000 Electric Cars in Q1

Tesla Inc (NASDAQ:TSLA) on Sunday said that its vehicle deliveries jumped to 25,000 vehicles in the first quarter, up 69 percent from the same period a year ago.

The report is the first in a pivotal year as Musk differentiates Tesla's line-up, adding the Model 3 as its first high-volume, lower-priced vehicle while making existing models even more exclusive.

Tesla had said production challenges, which started at the end of October and lasted through early December, shifted vehicle production towards the end of the fourth quarter, resulting in delayed deliveries.

The Model X was well received by reviewers on launch, but was plagued with bugs, most notably with its falcon doors.

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On Sunday Tesla said that it had delivered 25,418 cars in 2017's first quarter, which is a record for the company. Consequently, those 4,650 vehicles will be included in Tesla's second quarter delivery count.

According to a source, analyst expectations were between 23,000 and 24,500 deliveries in the first quarter.

Breaking down deliveries by model type, Tesla indicated that the Model S accounted for 13,450 deliveries while the Model X accounted for 11,550 deliveries. Tesla is now worth about $45 billion compared to Ford's market cap of around $46 billion.

Tesla's latest sales numbers helped boost its market value to around $47.79 billion, as of 1:40 p.m. ET, toppling Ford for the number two slot just under General Motors (GM), which holds a market capitalization of $50.9 billion.

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"This beat shows that they are managing production better", said Ivan Feinseth, an analyst at Tigress Financial Partners. Musk has said Tesla aims to make 500 000 cars next year, an aggressive goal that hinges on battery-cell production at its so-called Gigafactory east of Reno, Nevada. Year-to-date, TSLA is up more than 30%.

The Model X saw increased sales from the December quarter's deliveries of 9,527.

To limit their exposure, short sellers have been trimming their bets against Tesla by buying back some of the shares they shorted. At the time of this writing, Tesla shares have skyrocketed almost 5%, with the stock now trading at an all-time high of $291.

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