Tesla Inc. (NASDAQ: TSLA) shares rose by over 7 percent during Tuesday’s pre-market hours after the electric vehicle manufacturer reported stronger than expected first quarter vehicle production numbers.
In the first quarter, Tesla produced 34,494 vehicles, increasing 40 percent quarter over quarter. Tesla produced 24,728 Model S and Model X vehicles combined and 9,766 Model 3.
All the attention was focused on Tesla’s Model 3 production, as the vehicle model has been the company’s biggest driver for the recent years. Tesla CEO Elon Musk hoped to produce up to 2,500 Model 3 vehicles per week by the end of the first quarter and eventually 5,000 by the second quarter in 2018.
Tesla confirmed in a statement that it produced 2,020 Model 3 vehicles in the past week alone. The company expects to produce another 2,000 in the next week as well.
“We were able to double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment.” said Tesla.
First quarter deliveries totaled 29,980 vehicles, of which 11,730 were Model S, 10,070 were Model X, and 8,180 were Model 3. Model S and X orders hit a first quarter high, as 4,060 vehicles were in transit for delivery, increasing 68 percent quarter over quarter.
“It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined. What took our team five years for S/X, took only nine months for Model 3.” said Tesla.