Q1 production totaled 25,418 vehicles, also a new quarterly record. Tesla's current market value, for example, is only slightly below that of the U.S. auto maker Ford Motor Company (NYSE:F), which produces significantly more vehicles. That included about 13,450 units of Model S and 11,550 of Model X. The figures released 2 April were preliminary estimates that could vary by 0.5 per cent from final according to Tesla. The Model 3 will be hands down its cheapest vehicle to date, starting at $35,000 before incentives, putting it within reach of the majority of American (not to mention foreign) auto owners.
Recently, Tesla Inc (TSLA) had disappointed several times with the number of the delivered cars because of production problems.
China's Tencent Holdings Ltd bought a five percent stake in Tesla last week for $1.78billion, providing the company with the finances to bridge the gap before the Model X launch.
While Tesla might never carry the tradition and history of some of the nation's oldest automakers, it now has every reason to feel equally, if not more, important.
Last year, Tesla said in a regulatory filing that it had already received 373,000 pre-orders for the Model 3.
It's been a tough couple of months to be short Tesla shares, as they have gained almost 30% this year. Tesla's record quarterly Model X deliveries were up 381% year over year and 21% sequentially. The Motley Fool owns shares of and recommends Tesla. At the event Elon Musk claims that the vehicle will deliver at least 215 miles or 346 km of range.