EV manufacturer Tesla reported its quarterly earnings on Monday, triggering a 7% increase in the EV maker’s stock. This comes after the Elon Musk-led company posted record quarterly earnings for the period between January and March.
In an announcement on Friday, Tesla revealed that it delivered 184,800 vehicles in the first quarter; a figure that is more than double that of its 88,400 first-quarter deliveries in the previous year. This record sales income is largely accredited to the introduction of Tesla’s more affordable Model 3 and Model Y electric cars. The combined delivery tally of these two models was 182,780, while only 2,020 deliveries of the high-end Model S and Model X were made.
In an official statement, Tesla revealed its intention to ramp up production of both the Model 3 and the Model Y at its Shanghai production facility. “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity”, the leading EV producer announced.
In addition to satisfying the gradually increasing demand for electric vehicles across Europe and Asia, Tesla did well to jump on the bandwagon with regards to the “green tidal wave” that is currently being experienced in the United States.
