Published: Thu, April 06, 2017
Markets | By Erika Turner

Tesla reports record deliveries of vehicles in 1st quarter

Tesla reports record deliveries of vehicles in 1st quarter

Of the roughly 25,000 deliveries, approximately 13,450 were the Model S hatchback, and about 11,550 were the Model X SUV.

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

The figures reported by Tesla are preliminary, and may change when the automaker reports its quarterly earnings next month. Elon Musk's company delivered so far 25,000 cars, which is a way better number than past year, increased by 69 pc.

The Model 3 is due to go on sale in the USA this year priced at $35,000. As of now, Tesla is the second-most valuable automaker in the US. However, the company is facing several challenges, including the Model 3, the Gigafactory and SolarCity.

In January, Tesla started mass production of energy-saving batteries that it vowed would take electric cars mainstream.

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In other news, Tesla Inc (NASDAQ:TSLA) is set to begin limited Model 3 production its Model all-electric four-door compact luxury sedan in July.

Its upcoming Model 3 is priced at a moderate $35,000 in the United States, far below the price of its initial Models S and X vehicles. The vehicle shares most of its design and style cues with the Tesla's flagship sedan, the Model S. Before the unveiling, Tesla CEO Elon Musk tweeted about the major markets where new Model 3 will be sold with India in the list.

Tesla has been taking big risks since it went public in 2010. Especially since it will soon launch a new and third model.

Recently, a Chinese technology company that is behind WeChat, Tencent, purchased a 5% stake in Tesla which is worth about $2.2 billion. Moreover, the spike in shares comes before the Model 3, Tesla's affordable alternative to the Model S and Model X, has even hit the market.

Shares of Tesla stock surged to about $292 on Monday - a roughly 5 percent increase - bringing the electric auto company's market capitalization to $47.08 billion.

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