Tesla Inc. set a record for deliveries and production in the first quarter, beating analysts’ estimates as Chief Executive Officer Elon Musk prepares to begin building the Model 3 in July.
The maker of electric cars and energy-storage devices shipped just over 25,000 vehicles in the year’s first three months, Palo Alto, California-based Tesla said in a statement Sunday. That topped the average forecast of 24,200 from three analysts and should bolster confidence in Tesla’s target of delivering as many as 50,000 autos in this year’s first half.
The report is the first in a pivotal year as Musk diversifies Tesla’s lineup, adding the Model 3 as its first high-volume, lower-priced vehicle while making existing models even more exclusive. Tesla said it delivered about 13,450 Model S sedans and 11,550 Model X sport utility vehicles, while actual production in the first three months was 25,418.
The company is reworking its lineup and price structure ahead of July’s introduction of the Model 3, which is expected to begin at $35,000 before incentives and options. It’s discontinuing a low-end Model S with its 60-kilowatt-hour battery pack on April 17, making the 75-kilowatt-hour Model S its cheapest car at $74,500 before tax credits or state rebates until the Model 3 arrives.
