The Model S is Tesla’s best selling car in terms of sales, beating out even the new Chevrolet Bolt EV by a factor of five, according to analysts at Morgan Stanley.
The Model S sold 8,200 units during its first full week in the U.S. in March, up by 4.2 percent from the same period last year, according a Morgan Stanley analysis of the company’s data.
The Model X SUV has sold a combined 9,854 units, up 9.2% from the previous quarter.
Tesla expects to sell 10,000 to 12,000 Model S vehicles this year.
Morgan Stanley’s chief analyst, Ben Reardon, said the Model S’ success was partly driven by a “huge” surge in interest in electric cars, as well as the company moving into new markets.
“We’re seeing Tesla ramping up sales of the Model 3, which is the car that will take the market to electric vehicles,” Reardon said.
“It’s the vehicle that Tesla needs to make the transition to electric cars.”
Tesla’s Model S sedan, pictured, is seen during a preview event in Las Vegas on Sept. 28, 2017.
Tesla has struggled to build enough electric vehicles to meet demand, and has been forced to cut production in recent months.
Tesla’s new car has a battery pack that’s bigger than the size of a basketball court, so Tesla says the car can travel at 200 mph, and it has a top speed of up to 300 mph.
The company is expected to unveil its next car, the Model X, later this year, though the company hasn’t said when.
The Tesla Model X crossover, seen here, is the first new car the company has built to compete with the BMW i3.
It will be priced at around $100,000.
The company has been selling its vehicles through a leasing program that allows customers to lease them for $1,000 a month or $3,000 for a year.
The $3.4 billion acquisition of SolarCity in January 2019 is the largest U.K.-based investment in a Tesla business, according an analysis by Bloomberg.
The deal with SolarCity came after Tesla had already invested $50 billion in battery maker Panasonic, which sells batteries for electric cars.
Tesla is working to ramp up production of the lithium ion battery pack it plans to use in the Model E, and its new electric cars will be made in the company headquarters in Fremont, California.