In its annual estimate, Tesla, the all-electric automaker, found that its first quarter (Q1) global sales and production of the Model S and Model X has exceeded its expectations.
Having delivered more than 25,000 vehicles in Q1, the report revealed that Tesla Model S sales went up to 13,450, while Tesla Model X sales were 11,550. It will need to deliver 22,000+ EVs in the second quarter so that it can hit H1 delivery projections. At the same time, it would need to ramp for Model 3 production, according to Inside EVS.
Even as it created 25,418 EVs in the January to March quarter, Tesla was thrilled with its new company record. It exulted in its quarterly record, which indicated a 69% increase over Q1 2016. Its delivery count was seen as rather conservative, as it only included a car that was delivered if reached the customer, with accurate paperwork. The total numbers may even vary by up to 0.5%.
"It's nuts," Bruce Greenwald, a professor at Columbia Business School and an expert in value investing, commented on Tesla's stock price, according to The New York Times. "Investors believe it's going to dominate a market that no company has ever dominated before."
The first quarter was pretty novel for Tesla's Fremont facility. There were quite a number of 'lost' days to Model 3 prep. That included one week two months ago when that particular EV began its pre-production.
Hence, the expectations were easy. Some revelations in transit vehicles were also made. The Tesla report said that 4,650 vehicles were in transit to customers even as the quarter came to a close. Hence, that particular lot will be included in the deliveries on Q2 2017.
Usually, it is at the start of a new year that the Tesla company gives a complete year guidance for sale and production. But due to the unknown factor of Model 3, which will begin some limited production in July, Tesla revealed some sales forecasts for the first half of the year when it revealed its February Q4/FY 2016 report.
The report said that Tesla wanted to deliver 47,000 to 50,000 Model S and Model X vehicles in the beginning of the year. It represented vehicle delivery growth of 61% to 71% when it was compared with the same period of 2016. The report also disclosed that its math and calculator skills were used to prove that Tesla was trying to market about 22,000-25,000 EVs in the coming quarter.