Tesla stock soars after company releases production data

Tesla Inc. TSLA, +3.05% said Tuesday that it produced 34,494 vehicles in the first quarter, up 40% from a year ago, including 9,766 Model 3 cars. The company said it was able to double the weekly Model 3 production rate during the first quarter by addressing supply bottlenecks and taking time to upgrade equipment. Tesla manufactured 2,020 in the past seven days and plans to produce 2,000 more in the next week, as well as a 2,000 Model S and Model X cars. Tesla said it's still targeting a weekly production run rate of 5,000 Model 3 units in three months. "As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines," the company said in its filing. Deliveries for the quarter totaled 29,980 vehicles, which came in below the FactSet consensus estimate for 38,000 units. Deliveries of all three Tesla vehicles fell short of Wall Street's expectations, including the 8,180 Model 3 deliveries. Analysts had been predicting 12,300 deliveries. Tesla shares are up 6.5% in premarket trading but down 15.4% over the past 12 months. The S&P 500 SPX, +0.19% is up 9.5% in that time.

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