Tesla Surges After The Company Sets New Quarterly Record For Deliveries

Tesla released its delivery numbers this past weekend, and boy were they good. The numbers for the first quarter of 2017 were so impressive that shares went crazy when the market re-opened on Monday. Shares hit an all-time high of $298.90.

During the first three months of 2017, Tesla delivered a little more than 25,000 vehicles to customers. Analysts had expected the number to fall in the 23,000 to 24,000 range.

This was a brand new quarter record for the electric vehicle company.

The Model S had 13,450 deliveries while the Model X had 11,550 deliveries. In comparison to the same quarter last year, Tesa saw a 69% increase. In Q1 of 2016, the company delivered 14,820 vehicles.

Tesla’s press release read: In addition to Q1 deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter. These will be counted as deliveries in Q2 2017.

Q1 production totaled 25,418 vehicles. This was also a new quarterly record for us.

“In addition, we see an intensifying competitive environment in 2018 and beyond as EV competition moves beyond a niche focus to more mainstream vehicle offerings,” mostly from European car makers with a similar brand cachet,” said the company.

Tesla shares have gained almost 40% this year so far.

With Monday’s gains, the company is now the No. 2 car company in the United States and surpassed Ford Motor Co. in market capitalization.

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and Ford Motor Company )NYSE: F) and have not been compensated for this article.