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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Tesla Shares Reach All-Time High As Production Records Set

Elon Musk

Tesla shares reached an all-time high topping $292 each on Monday, after the release of a report showing a 69 percent increase in electric car deliveries compared to a year ago, according to ZeroHedge.

The jump set a quarterly record of 25,418 vehicle deliveries, which goes a long way towards recovering from shipment delays in 2016 Q4.

Model S Sedans represented 13,450 of the Tesla orders fulfilled, while the Model X sports utility vehicle represented 11,550. The company said it expects ship as many as 50,000 Model S and Model X’s in the first six months of 2017, and current figures show that it’s on track to meet the goal.

Elon Musk’s company reached a bottleneck at the end of 2016, when deliveries fell 9.4 percent due to manufacturing obstacles from design improvements in the autopilot hardware. The issues shifted overall production in Q4 towards the end of the period, causing the delays in fulfillment.

Tesla Inc has raised a total of $1.2 billion in fresh capital this year by selling common shares and convertible notes, with the sum exceeding its target from earlier this week to raise $1 billion.

Last month, Tesla Inc reported that its revenues in China topped $1 billion in 2016, more than triple the revenues it generated there in 2015. The Chinese market was only second to the U.S. in terms of revenue generation for Tesla last year.

Related: Oil’s Central Bank To The Rescue!

The electric carmaker is not breaking down revenues by items, and has not offered any explanation for the triple revenues in China. The revenue jump could have been the result of China’s license plate-issuing policies in major cities that fast track EV license plates issuing as the country grapples with perpetual pollution and traffic jams.

By Zainab Calcuttawala for Oilprice.com

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