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.
South Africa's currency slumps after finance minister fired
But he said there had been no parliamentary action against Zuma . "This will put further strain on an already fractured ANC. Under Gordhan's tutelage the rand strengthened, recovering from the 16 to the dollar level it touched in early 2016.