The luxury electric car maker delivered 69 percent more vehicles in the first quarter than a year ago. Fred Katayama reports.
Tesla bouncing back.The luxury electric car maker delivered a record 25,000 vehicles in the first quarter. That's 69 percent more vehicles than a year ago. More than 13,000 Model S sedans and nearly 12,000 Model X SUVs were delivered. That's a sharp contrast to the fourth quarter, when deliveries skidded more than 9 percent. The transition to a new autopilot hardware resulted in short-term production hurdles back then. Relieved investors drove the stock higher at the market open Monday. The stock is mounting a comeback after slumping in February. That's when Tesla CEO Elon Musk spooked investors by saying his company could get "close to the edge" as it burns cash ahead of the Model 3 launch. Shares bounced back in late March when China's Tencent Holdings bought a 5 percent stake in Tesla, providing the company with a deep-pocketed aly and possibly a way to sell or even build cars in China, the world's largest auto market.