Tesla reports record deliveries of vehicles in 1st quarter

And Tesla is inching closer to Japan's Honda. Its US$45.4 billion market value is just $870 million less than Ford, which produces millions of vehicles a year.

Tesla Inc. TSLA is off to a hot start this week as shares of the electric vehicle manufacturer opened more than 3% higher on Monday morning.

Tesla notched up the best vehicle production delivery results, building 25,418 Model S sedans and Model X crossover vehicles in the quarter that ended 31 March. Ford sells that many F-Series trucks in the US about every three weeks.

Breaking down deliveries by model type, Tesla indicated that the Model S accounted for 13,450 deliveries while the Model X accounted for 11,550 deliveries.

In other words, Tesla may be beginning to hit its stride as it continues to take on the challenge of being a large-scale manufacturer like Ford. About 5,000 vehicles weekly is expected to be produced in the quarter, with production to further increase to 10,000 vehicles weekly by 2018. The decisive step will be the start of the production of the model 3 in July - from September is then the serial production run. The company hasn't updated those figures. At the event Elon Musk claims that the auto will deliver at least 215 miles or 346 km of range. It's going to face tough competition from GM, which has the Bolt, and from Nissan and its Leaf.

Tesla appears significantly overvalued considering its higher valuations, compared to the industry average.

"It's good news for Tesla, clearly".

Tesla, founded in 2003, is controlled by entrepreneur Elon Musk, who also owns space rocket firm, Space X.

Of course, the Goldman analyst has been dead wrong so far.

Tencent Holdings Ltd. has a 5% stake in all this.

These are ambitious goals for a company that has previously missed many of its deadlines, casting doubt on its ability to deliver the more than 300,000 Model 3s that were reserved in the days after the new car's reveal. If it tops GM, next up among the major global brands would be VW, which is now worth about $70 billion. Tesla releases global sales figures quarterly, instead of the monthly country-by-country results typically announced by other vehicle makers. Toyota's market value is $160 billion.

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