Tesla, Inc. (NASDAQ: TSLA) reported a record vehicles deliveries and production in the first quarter, on track to hit its target of 50,000 deliveries in the first half of year.
The electric cars maker said it delivered just over 25,000 vehicles in the first three months of year, beating analysts’ average forecast of 24,200. This also comes after the company missed it production target in the fourth quarter last year.
The robust figure boosts investors confidence in Tesla, who aims to deliver 50,000 vehicles in the first half of year. The company it delivered 13,450 Model S cars and 11,550 Model X in the first quarter.
Tesla share jumped as much as 5 percent to $292.12 in the early trading. The stock has gained more than 37 percent this year.
“It’s all about the Model 3 right now, but this is very good news,” Ben Kallo, an analyst at Robert W. Baird & Co., said in an interview. “25,000 units is the best we could have thought, and people are looking at Model 3 for growth.”
Tesla will begin building the Model 3 in July. Investors expects that cheaper vehicle will help further boost the production. Earlier in March, Tesla has raised about $1.4 billion through stock offering and convertible debt to fund its production of Model 3 sedan.