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Tesla ships 25K cars in Q1, beating estimates

Tesla (TSLA) said Sunday it delivered just over 25,000 vehicles in Q1, of which approx 13,450 were Model S and approx 11,550 were Model X. This was a new quarterly record for us and represents a 69% increase over Q1 2016. Analysts were looking for just over 24K vehicles delivered.

The number keeps Tesla on track on its target to deliver 47-50K in H1.

“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 addition to Q1 deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter. These will be counted as deliveries in Q2 2017.

Q1 production totaled 25,418 vehicles. This was also a new quarterly record.

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