Tesla Inc (NASDAQ:TSLA) announced that it delivered just over 25,000 vehicles in the first quarter of 2017, including 13,450 Model S and 11,550 Model X.
The company said it was “a new quarterly record for us and represents a 69% increase over” the first quarter of 2016.
Wall Street’s expectations was between 23,000 and 24,500 deliveries in the first quarter.
“Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5%,” Tesla said in a statement.
The company noted that about 4,650 vehicles were in transit to customers at the end of the quarter. These will be counted as deliveries in the second quarter of 2017.
The first quarter production totaled 25,418 vehicles, a new quarterly record for the company.
In other news, Tesla Inc (NASDAQ:TSLA) is set to begin limited Model 3 production its Model all-electric four-door compact luxury sedan in July.
Morgan Stanley analyst Adam Jonas believes that the Model 3 could be significantly safer than the average car currently on the road. “We think the Model 3 will feature hardware and software that provide a level of active safety that could significantly lead all other cars on sale today and could, if the company achieves its goal, be an order of magnitude (i.e. 10x) safer than the average car on the road,” Jonas said in a note to client.
Shares of Tesla Inc (NASDAQ:TSLA) were closed up 0.14% on Friday. The deliveries announcement is expected to push the stock higher in Monday’s trading session. Year-to-date, TSLA is up more than 30%. The stock has gained 17.13% during the last 12 months.