Tesla's quarterly report shows record deliveries

Tesla Motors has announced their quarterly results which show that the company's deliveries have jumped by 69% compared to the same quarter last year.

The company delivered a record of 25,000 vehicles - 13,450 Model S and 11,550 Model X. Tesla's production in the first quarter also hit a quarterly record by manufacturing 25,418 vehicles.

Tesla has said it expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017.

The company struggled in the fourth quarter due to transition to a new autopilot hardware which resulted in the 9.4% deliveries drop. However, the company is off to a great start this year.

Tesla's Model 3 should also go on sale later this year. Last year, more than 370,000 people deposited $1000 for this vehicle which showed enormous interest in this $35,000 car.