Tesla Inc. increased its vehicle deliveries 69% to just over 25,000 vehicles in the first quarter, a move that sent investors to drive Tesla shares sharply higher this week.
Tesla delivered 13,450 Model S sedans and 11,550 Model X SUVs in the quarter, the company announced April 2. There were also 4,650 vehicles in transit that will be counted as second quarter deliveries, the company said. The company built 25,418 vehicles during the quarter.
Investors bid up Tesla shares on April 3 and 4 on the news. On Tuesday, the company's shares traded for more than $303. The move allowed Tesla's market capitalization to surpass Ford Motor Co. on April 3, but it remains behind General Motors as the most valuable automaker.
When it traded for $301.74, Tesla had a market cap of $49.1 billion, while GM had a market cap of $51.1 billion, reports Reuters. On April 3, Ford had a market cap of $45.6 billion, reported the New York Times.