Tesla Motors Inc (NASDAQ:TSLA) Crosses 10,000 Mark In First Quarter; Investors Still Wary

Tesla Motors Inc (NASDAQ:TSLA) in a statement said that it delivered a record 10,030 cars in the first quarter; a 55% increase compared to the quarter the year before. The company stated that it will publish the number new car deliveries within three days of the quarter end as some sources gave aninaccurate number of vehicle deliveries.

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The company expects to sell about 55,000 cars globally, an increase of 74% from the year before.

The Wall Street Journal estimated that the number of cars sold by Tesla globally in a quarter was same as that sold by General Motors Company (NYSE:GM) in a day.

Tesla’s shares have fallen 14% this year due to concerns about the company not being able to meet sales target in China and the departure of two top executives.

Earlier this week, Elon Musk, the founder of Tesla, tweeted several statements showing optimism in the future of Tesla in China.

In related news, Tesla shares were downgraded over concerns over the commercial viability of its new Model X.The loss in investor confidence is due to a host of issues as the lacklustre performance in China and the viability of electric cars.

On the bright side of things, Tesla has been praised as a market leader in innovation and unmatched quality. Research firms like Consumer Reports and J.D. Power have praised the excellent manufacturing, safety and bevy of features of Tesla cars.

Tesla has been a champion of an electric model car and has even set up procedures so that its vehicles will be within the range of a charging station.

Tesla also promised that a car that will retail for about half of $70,000 for its current Model S. Tesla also faces competition from other companies like BMW and GM, who are also planning their electric cars.

Tesla Motors Inc (NASDAQ:TSLA) is also set to offer upgrades a year ahead of other automakers. These include hands-free steering on Model S sedan.

 

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Cook Laurie

Cook Laurie

Laurie, a long-time member of the US Markets Daily general assignment reporter who has covered a variety of subjects from breaking news to investigative features, from stock markets to politics, and from neighborhood small business to global warming.