Tesla Motors Inc. shares jumped more than 4 percent in the pre-market session on Monday after the company reported it best sales quarter ever. The strong results will help the company to fund the production of its Model 3 sedan.
The Palo Alto, California-based company said deliveries of its cars jumped more than two-folds to 24,500 in the third quarter as compared to the same period last year. The sales numbers included 8,700 Model X SUVs and 15,800 Model S sedans. Moreover, an additional 5,500 vehicles were in the shipping process and will be added in Q4 sales.
Tesla reported its production jumped 37 percent to 25,185 cars in the third quarter as compared to the second quarter.
The company restated its production outlook for the second half of this year. It expects to produce 50,000 in the second half, as compared to nearly 30,000 vehicles in the first half of 2016.
Tesla is betting on its $35,000 sedan scheduled for 2017. The increasing interest of customers in electric vehicles has prompted traditional automakers to step into the market. For instance, General Motors is ready to launch a completely electric Chevrolet Bolt by the end of this year.
Tesla stock has declined nearly 14 percent so far this year. The 52-week range of the stock is $141.05-$269.34. The company’s market cap is $30.84.