Tesla reports record deliveries of vehicles in 1st quarter

We can say that the idea to manufacture a cheaper Model X variant in July 2016 has hit the market which is apparently visible in the company reports. And Tesla is inching closer to Japan's Honda.

Shares in Tesla jumped 3.89% to US$289 in United States morning trading, above the all-time high close of US$286.04 on 4 September but below that day's intra-day record of US$292.42.

Over the weekend, Tesla said, according to preliminary data, it delivered just more than 25,000 vehicles during the first quarter, which broke down to about 13,450 Model S sedans, and 11,550 Model X SUVs. Ford sells that many F-Series trucks in the USA about every three weeks.

Using our unbelievable maths and calculator skills, we determine that means Tesla is looking to sell about 22,000-25,000 EVs in the upcoming 3 months - and with around 4,650 EVs in transit, logging 17,350 more sales would not seem to present much of a challenge.

Tesla may have surpassed Ford in market value, but Ford dwarfs Tesla in other measures.

Musk raised over $1.2 billion in a stock and debt sale last month to help fund costs related to producing the Model 3, Tesla's first widely affordable electric auto, which is expected to retail at about $35,000.

That bottleneck is particularly important to address soon, because Tesla's new Model 3 is expected to be officially released later this year, with vehicles beginning to ship some time early in 2018. The company is also expected to ramp up production of Powerwall home storage batteries at the already-running Gigafactory and to start production on the solar roof tiles it debuted in advance of its purchase of SolarCity previous year. The company hasn't updated those figures.

This is one company that is going places with its smart series of cars which make you the owner of a hot set of wheels with money left to burn.

"(Tesla has) had a pattern of missing their targets and the fact that they were able to meet the delivery target this quarter should be warmly received by investors", said CFRA analyst Efraim Levy.

An analyst at Goldman Sachs downgraded Tesla to a "sell" rating at the end of February because of concerns about the SolarCity deal and about how much Tesla plans to spend on three more of its Gigafactories for battery and solar panel production.

"It's good news for Tesla, clearly".

As well as running Tesla, Musk - who made his fortune from PayPal - is the boss of SpaceX and SolarCity. More to the point, that would be 47,000 to 50,000 deliveries. If it tops GM, next up among the major global brands would be VW, which is now worth about $70 billion. Toyota's market value is $160 billion.

In the past, Elon Musk has often lined up with his business development forecasts.

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