Tesla Inc. (NASDAQ:TSLA) is off to a hot start this week as shares of the electric car manufacturer opened more than 3% higher on Monday morning. The stock continued to climb throughout the early morning trading hours in the wake of the company’s latest vehicle deliveries update.
For the first quarter of fiscal 2017, Tesla delivered “just over 25,000 vehicles,” the company said in a statement released Sunday. Out of these deliveries, approximately 13,450 were Model S vehicles and 11,550 were Model X.
Tesla’s Q1 deliveries were up 69% on a year-over-year basis and set a quarterly record for the manufacturer. Tesla also said that about 4,650 vehicles were in transit to customers and would be counted as Q2 deliveries. Total production in the quarter was 25,418 vehicles, another quarterly record.
This news comes just days after Chinese tech giant Tencent Holdings (OTC:TCEHY) revealed a new 5% stake in Tesla, a move which should help the Palo Alto, California-based firm raise the cash it needs to bring its new Model 3 to full production (also read: Tesla Stock Jumps After Tencent Buys 5% Stake).
Although Tencent will be a passive investor, some expect that Elon Musk will seek advice from the company on how to expand in China. Tesla has made headway in the country recently, with Chinese imports of Tesla vehicles in 2016 coming in five times higher than the year before.
With countless growth opportunities in key markets and the rollout of the more affordable Model 3 on the horizon, Tesla investors should probably expect even more record-breaking quarters in the near future.
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