Tesla (TSLA) Delivers Over 25,000 Vehicles in Q1, Beating Views

Tesla (NASDAQ: TSLA) delivered just over 25,000 vehicles in Q1, of which approx 13,450 were Model S and approx 11,550 were Model X. This was a new quarterly record for us and represents a 69% increase over Q1 2016. The company said its delivery count should be viewed as slightly conservative, as they only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5%.

Tesla guided for approximately 20,000 vehicles in the quarter and buyside expectations were 23,000-24,500, according to Cowen. Cowen's Jeffrey Osborne expected 23,000 in the quarter. Baird's Ben Kallo expected the company to meet its guidance.

In addition to Q1 deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter. These will be counted as deliveries in Q2 2017.

Q1 production totaled 25,418 vehicles. This was also a new quarterly record for the company.

Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

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