Tesla Inc., the United States (US) luxury electric car maker, said on Sunday first-quarter vehicle deliveries jumped 69 per cent from a year ago to a quarterly record of 25,000 vehicles, bouncing back from delays in the previous quarter.

The company said of the total vehicles delivered, about 13,450 were Model S sedan and about 11,550 were Model X sports utility vehicle.

Tesla has said it expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017.

In the fourth quarter, deliveries had fallen 9.4pc due to short-term production hurdles from the transition to a new autopilot hardware.

Tesla had said production challenges, which started at the end of October and lasted through early December, shifted vehicle production towards the end of the fourth quarter, resulting in delayed deliveries.

Ultimately, about 2,750 vehicles were missed being counted as deliveries in the fourth quarter either due to last-minute delays in transport or because the customer was unable to physically take delivery.

In addition to the first quarter deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter and will be counted as deliveries in the second quarter, Tesla said in a statement on Sunday.

Production in the first quarter also hit a quarterly record at 25,418 vehicles.

Tesla Chief Executive Elon Musk has taken big risks repeatedly since going public in 2010, but investors got spooked after he said in February the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch.

China's Tencent Holdings Ltd bought a 5pc stake in Tesla last week for $1.78 billion, providing the company with a deep-pocketed ally as it prepares to launch its mass-market Model 3.

The midsize, high-volume Model 3 sedan is due to go on sale later this year in the United States.

Shares of Tesla closed up slightly at $278.30 on Friday on the Nasdaq and have soared more than 30 percent so far this year.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military convictions
Updated 22 Dec, 2024

Military convictions

Pakistan’s democracy, still finding its feet, cannot afford such compromises on core democratic values.
Need for talks
22 Dec, 2024

Need for talks

FOR a long time now, the country has been in the grip of relentless political uncertainty, featuring the...
Vulnerable vaccinators
22 Dec, 2024

Vulnerable vaccinators

THE campaign to eradicate polio from Pakistan cannot succeed unless the safety of vaccinators and security personnel...
Strange claim
Updated 21 Dec, 2024

Strange claim

In all likelihood, Pakistan and US will continue to be ‘frenemies'.
Media strangulation
Updated 21 Dec, 2024

Media strangulation

Administration must decide whether it wishes to be remembered as an enabler or an executioner of press freedom.
Israeli rampage
21 Dec, 2024

Israeli rampage

ALONG with the genocide in Gaza, Israel has embarked on a regional rampage, attacking Arab and Muslim states with...