Tesla Inc. TSLA, -0.93% said Friday that first-quarter deliveries, its proxy for sales, totaled 184,800 vehicles in the first quarter, beating the FactSet consensus of 168,000. The electric vehicle company said it produced just over 180,000 vehicles in the period. Deliveries of its Model 3 sedans and Model Y compact SUVs came to 180,338. The FactSet consensus was for 122,600 Model 3s and about 10,000 Model Ys. “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” the company said in a statement. “The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production.” When the company reported fourth-quarter earnings in January, it said it planned to grow its manufacturing capacity “as quickly as possible,” and, as far as deliveries, it said it expects to reach a 50% average annual growth over a “multiyear horizon.” The stock market was closed Friday, but Tesla shares are down 6.2% in the year to date, while the S&P 500 SPX, +1.18% has gained 7%. The stock remains up a stunning 628% in the last 12 months.
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