Elon Musk's Tesla reports a record 25,000 car deliveries as it aims to accelerate production in the year ahead

 
Rebecca Smith
Musk has set a target of producing half a million cars in 2018
Musk has set a target of producing half a million cars in 2018 (Source: Getty)

Elon Musk's Tesla has accelerated past expectations to deliver just over 25,000 cars in the first three months of the year, an increase of 69 per cent on the same time last year.

In the first quarter of the year, Tesla's deliveries surpassed analyst forecasts and put the electric car firm in pole position to achieve its goal of delivering 47,000 to 50,000 vehicles for the first half of this year.

Read more: Tesla says new mass-market car is on track as it reports shrinking losses

The firm has developed a range of electric cars including the Model S and the Roadster, billed as the world's first electric car. It also specialises in battery storage.

Tesla produced 25,418 vehicles and delivered 25,000 during the first quarter, an increase of 69 per cent from the same period a year ago. It delivered 13,450 Model S sedans and 11,550 of the Model X sports utility vehicle.

The company has had numerous production delays in the past and last year missed its target for vehicle delivery, raising questions over whether it would be able to reach the target of producing half a million cars in 2018. Musk has also said a 2020 volume target was close to 1m vehicles.

In the fourth quarter, deliveries had fallen 9.4 per cent due to short-term production troubles from the move to a new autopilot hardware.

The latest numbers will be a confidence boost for the company which faces an ambitious task ahead, with Musk saying production of Tesla's new Model 3 will start in July.

Last week China's Tencent Holdings, which owns WeChat, bought a five per cent stake in the car company for almost $1.8bn (£1.4bn).

Tesla reports its first-quarter earnings next month, with analysts expecting Musk's firm to report losses.

Read more: Oof: Tesla didn't quite deliver its promised 80,000 cars in 2016

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