NEW YORK, NY / ACCESSWIRE / April 4, 2018 / Shares of automakers rose on Tuesday after March auto sale figures came in. According to Autodata, the sales of new vehicles saw a 6% jump in the month compared to the 3% increase that analysts at Edmunds.com were expecting. Analysts at Cox Automotive were only expecting a 2.6% rise. Other automakers to see gains were General Motors and Fiat Chrysler. Shares of Tesla also closed higher after announcing production numbers of the Model 3 sedan. While the production in last one week of March was lower than Company's own target, it was quiet an improvement as compared to last year. Tesla delivered 8,180 Model 3s in the first three months of the year, missing the analyst estimate of 8,800 units.
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Tesla, Inc. shares closed up 5.96% on about 18.8 million shares traded. The stock was one of the biggest gainers yesterday after the company reported official Model 3 numbers. Tesla announced on Tuesday that it had built 2,020 Model 3 sedans in the last seven days of March. While this missed the target rate of 2,500 units, it was much higher than the quantity of 793 Model 3s built in the final week of last year. The company said, "Tesla continues to target a production rate of approximately 5,000 units per week in about three months, laying the groundwork for Q3 to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow." Tesla also said, "As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines." According to the company, it has roughly 500,000 advance reservations from customers for the car. The company's Model 3 is the best selling electric vehicle out there.
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Ford Motor Company shares closed up 2.67% on about 42.5 million shares on Tuesday. The stock was one of the most active stocks on the NYSE yesterday after reporting its March 2018 results. The auto maker reported sales results for the month that began with a sales call at 10 a.m. ET yesterday. Ford announced that overall U.S. March sales saw a 3.4% growth with 244,306 vehicles sold. Fleet sales totaled 85,310 vehicles, representing an 8.7% growth. Ford retail sales were up 0.8% in the month and the average transaction prices expanded $1,400 compared to year ago levels. Pickups had their best March performance since the year 2000 and March marked the 11th month of straight gains. Ford SUVS also saw a record month with a gain of 7.3%.
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