Tesla Inc (NASDAQ:TSLA) announced on Sunday that it delivered more than 25,000 vehicles during the first quarter, beating estimates and helping to prop up TSLA stock in premarket trading.
That deliveries figure — a quarterly record for Tesla — is a roughly 70% improvement year-over-year, and easily cleared Wall Street’s expectations for a range of 23,000 and 24,500 deliveries. 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 had not projected Q1 deliveries previously, but did say it expected to deliver 47,000 to 50,000 units in the first half of 2017.
The company did get a bump thanks to delays in Q4. Back when it announced 2016 deliveries (76,230 vehicles, which were several thousand shy of estimates), Tesla said that 6,450 vehicles were in transit and would count toward first-quarter deliveries.
The quarter’s 25,000 deliveries were split between 13,450 Model S units and 11,500 Model X units.
The announcement should push TSLA stock even higher in Monday’s trading. Shares are already up by roughly 30% for the year-to-date, powered by a bevy of factors, including projections for on-time Model 3 production, a less-than-expected Q4 loss and news that China’s Tencent Holdings Ltd (OTCMKTS:TCEHY) had acquired a 5% stake in the company.
As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.