Tesla Is Now More Valuable Than Ford

07 April, 2017, 07:49 | Author: Leticia Walters
  • Tesla Is Now More Valuable Than Ford

The number keeps Tesla on track to its target of delivering 47-50K units in the first half of 2017.

Of the 25,000 cars delivered, 13,450 (or 54 percent) were Model S sedans and 11,550 were Model X crossover utilities.

Tesla managed to increase its delivery rate by 69 percent compared to previous year, Fortune reports, which sets a quarterly record for the embattled tech giant. That means the Model X accounted for 46.2 percent of all cars Tesla has delivered in the quarter.

Tesla also announced Sunday that during the quarter, not only did it produce 25,418 vehicles, but that about roughly 4,650 vehicles were on their way to their customers. The statement added: "Our delivery count should be viewed as slightly conservative, as we only count a vehicle as delivered if it is transferred to the customer and all paperwork is correct".

Despite recent improvements, it seemed that CEO Elon Musk's target of quintupling Tesla production of half a million units by 2018 hasn't been met.

The company does not sell in Iran, as U.S. sanctions and a ban on American products in the country leave the market to Tesla's Asian competitors.

CFRA analyst Efraim Levy said in a note sent Monday, that Tesla's delivery numbers bode well for the company and should add to recent positive sentiment, but he reiterated his sell rating on the stock. These vehicles were, of course, scheduled for delivery during Q2 2017.

The Model 3 is also expected to boost Tesla's sales volumes as it will be more affordable than its other vehicles.

The smallest and youngest publicly held USA carmaker climbed as much as 5.7 per cent in early trading Monday, a day after reporting 25,000 first-quarter deliveries and exceeding analysts' estimates. The Model 3 will be priced around $35,000, and the company expects to produce the vehicle in higher volumes than its other models.

Generally, at the start of a new year, the company will give full year guidance for sale and production estimates.

Jessica Caldwell, a senior analyst with auto-information website Edmunds.com, said, "Sales have been good for Tesla in the last three months, but the Model 3 will be their biggest challenge yet as I imagine most of their company resources are focused on that vehicle".


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