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Tesla (TSLA) Reports Record Deliveries in the First Quarter
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Tesla, Inc. (TSLA - Free Report) has reported record quarterly deliveries for the first quarter of 2017, up about 69% year over year. Over 25,000 vehicles were delivered in the quarter, comprising of roughly 13,450 units of Model S and 11,550 vehicles of Model X. The actual number could vary by 0.5% as the company only counts vehicles as delivered which have been transferred to customers and paperwork has been correctly completed.
Tesla also reported record quarterly vehicle productions of 25,418 units in the quarter, up 14.2% from the fourth quarter of 2016. In addition to the deliveries recorded, about 4,650 vehicles are in transit that will be recorded as deliveries in the second quarter of 2017. The company is on track to achieve its target of 47,000 to 50,000 deliveries in the first half of 2017.
Tesla has been witnessing rising demand for its vehicles. Improved factory capacity and lower supplier bottlenecks are helping Tesla to meet this demand by improving production. The company is witnessing growing sales on the back of the strong performance and impressive design of its products.
Tesla is also on track to begin the production of its Model 3 vehicle later this year. The company aims to expand its Model 3 production to exceed 5,000 units per week in the fourth quarter of 2017 and 10,000 vehicles per week in 2018. Further, Tesla has decided to ramp up its production to 500,000 units by 2018. Recently the company also announced plans to raise over $1 billion just before initiating the pre-production of its Model 3 sedan. The company will primarily use the funds to strengthen its balance sheet and reduce risks associated with the rapid expansion of business.
Performance
Tesla has outperformed the Zacks categorized Auto Manufacturers-Domestic industry over the last three months. During the period, while Tesla gained 22.6%, the industry witnessed a 0.3% rise. The outperformance has been supported by expansion plans.
For the current year, American Axle, RENAULT and Honda have an expected earnings growth of around 8.1%, 4.6% and 26%, respectively.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Tesla (TSLA) Reports Record Deliveries in the First Quarter
Tesla, Inc. (TSLA - Free Report) has reported record quarterly deliveries for the first quarter of 2017, up about 69% year over year. Over 25,000 vehicles were delivered in the quarter, comprising of roughly 13,450 units of Model S and 11,550 vehicles of Model X. The actual number could vary by 0.5% as the company only counts vehicles as delivered which have been transferred to customers and paperwork has been correctly completed.
Tesla also reported record quarterly vehicle productions of 25,418 units in the quarter, up 14.2% from the fourth quarter of 2016. In addition to the deliveries recorded, about 4,650 vehicles are in transit that will be recorded as deliveries in the second quarter of 2017. The company is on track to achieve its target of 47,000 to 50,000 deliveries in the first half of 2017.
Tesla has been witnessing rising demand for its vehicles. Improved factory capacity and lower supplier bottlenecks are helping Tesla to meet this demand by improving production. The company is witnessing growing sales on the back of the strong performance and impressive design of its products.
Tesla is also on track to begin the production of its Model 3 vehicle later this year. The company aims to expand its Model 3 production to exceed 5,000 units per week in the fourth quarter of 2017 and 10,000 vehicles per week in 2018. Further, Tesla has decided to ramp up its production to 500,000 units by 2018. Recently the company also announced plans to raise over $1 billion just before initiating the pre-production of its Model 3 sedan. The company will primarily use the funds to strengthen its balance sheet and reduce risks associated with the rapid expansion of business.
Performance
Tesla has outperformed the Zacks categorized Auto Manufacturers-Domestic industry over the last three months. During the period, while Tesla gained 22.6%, the industry witnessed a 0.3% rise. The outperformance has been supported by expansion plans.
Zacks Rank & Key Picks
Tesla currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , RENAULT SA (RNLSY - Free Report) and Honda Motor Co., Ltd (HMC - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
For the current year, American Axle, RENAULT and Honda have an expected earnings growth of around 8.1%, 4.6% and 26%, respectively.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>