Tesla Inc (TSLA) Stock Soars on Deliveries

Tesla Inc (ticker: TSLA) stock opened the week higher 5 percent after the company reported more than 25,000 vehicle deliveries in its first quarter.

Analysts were anticipating Tesla would deliver between 23,000 and 24,500 vehicles on the quarter.

For Tesla, quarterly delivery numbers are a critical check on the company’s aggressive intended ramp in production over the next several years. Tesla delivered just over 76,000 vehicles in 2018. CEO Elon Musk has pledged to increase production to 500,000 by 2018 following the highly-anticipated roll-out of the Model 3.

Tesla plans to begin producing the Model 3 in July and shipping the vehicle by the end of this year.

Tesla has been inconsistent about hitting shipping targets in the past. In 2016, Tesla shipped 76,230 vehicles, short of its target of 80,000. Even though the company didn’t hit its target last year, its vehicle production was still up an impressive 64 percent on the year.

The strong first-quarter numbers had…

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