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Tesla reports record deliveries of vehicles in 1st quarter

Tesla reports record deliveries of vehicles in 1st quarter

Electric auto maker Tesla Inc (NASDAQ:TSLA) has delivered a record 25,000 vehicles in the first quarter, rebounding from production problems late a year ago. This represents a huge 69-percent year-on-year increase over the deliveries it made in the first quarter of 2016.

Breaking down deliveries by model type, Tesla indicated that the Model S accounted for 13,450 deliveries while the Model X accounted for 11,550 deliveries.

Production of vehicles during the January-March quarter was at 25,418 cars, up from 24,882 vehicles manufactured during the last quarter of 2016.

These are ambitious goals for a company that has previously missed many of its deadlines, casting doubt on its ability to deliver the more than 300,000 Model 3s that were reserved in the days after the new car's reveal. The company plans on shipping 50,000 cars in the first half of 2017 and 500,000 by the end of next year.

That would be significantly cheaper than Tesla's current models - the Model X, an SUV, and the Model S, a sporty saloon, both priced at more than $70,000. Until Model 3 production kicks in it appears that production and demand for these two models has essentially plateaued. Investors now apparently are banking on Tesla CEO Elon Musk making good on his promise to produce the Model 3 at high volumes, something Tesla hasn't done with its previous models.

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Recently China's Tencent Holdings purchased a 5% stake in Tesla for almost $1.8 billion.

Tesla's shares have jumped 30% since the start of year on positive forecasts for the Model 3.

Additionally, most of the same analysts are guiding for lower Model 3 deliveries in 2017-2018 than Tesla is guiding.

Tesla has its work cut out for it, as Wall Street sees the company. The Chinese market was only second to the U.S.in terms of revenue generation for Tesla a year ago.

As shares of Tesla rallied more than 5% Monday, the Big Three automakers slipped with Ford declining roughly 2.4%, GM down 3.75% and Fiat Chrysler shedding 4.8%.

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