Tesla beats estimates, ships 25,000 vehicles in first quarter

SAN FRANCICO: 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 on 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.

“It’s all about the Model 3 right now, but this is very good news,” Ben Kallo, an analyst at Robert 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.”