Tesla Inc(NASDAQ: TSLA) in the first quarter of FY 17  has posted the quarterly revenue that has more than doubled and also beaten the analysts’ expectations, due to the record deliveries of its Model X sports utility vehicles and Model S sedans. The electric car maker, led by billionaire entrepreneur Elon Musk, has delivered 25,000 vehicles in the first quarter ended 31st March, which is its highest since the carmaker went public in 2010, and a 69 per cent increase from a year earlier. The firm has also backed its target of launching its highly anticipated mass-market Model 3 sedan later this year, and said the car was on track for initial production in July. Further, Tesla is betting on the launch of its $35,000 Model 3 mid-size sedan to help meet its goal of producing 500,000 cars annually in 2018.

Moreover, Tesla expects the year-to-date capital expenditures to be slightly over $2bn by the time it starts Model 3 production. The company has reiterated its forecast of delivering 47,000-50,000 Model S and Model X cars in the first half of 2017, a target it announced earlier this year. Tesla had in 2017, plan to add nearly 100 retail, delivery and service locations globally, representing an approximately 30% increase in facilities. The company also expects additional investments through the remainder of the year, as the company increases automation and add production capacity. Tesla in 2017, expects to at least double the number of superchargers, destination charging connectors globally to more than 10,000 and 15,000, respectively.

Additionally, for the second quarter 2017, Tesla expects GAAP and non-GAAP operating expenses to be flat to slightly up from the first quarter. The company plans to start pilot manufacturing of solar roof tiles in Q2 at its Fremont facility.

Meanwhile, Tesla in the first quarter of FY 17 has reported the adjusted loss per share of $1.33, beating the analysts’ estimates for the adjusted loss per share of $0.81. The company had reported the adjusted revenue of $2.70 billion compared to $1.15 billion in the first quarter of FY 17, beating the analysts’ estimates for revenue of $2.62 billion.

Tesla stock has risen 29.08% in a year (source: Google Finance). According to tipranks.com, 17 analysts has covered the stock while recommending a “Hold”.  TSLA has an average price target of $274.55, which is a further downside of 11.73%.