Tesla Motors sells 10,030 cars in First Quarter

On Friday, electric carmaker Tesla Motors announced that it sold 10,030 cars in the first three months of 2015.

Shares of Tesla surged more than 8% after the company reported strong vehicle sales. The company announced that in the first quarter of the year, vehicle deliveries rose 55%, setting a new record. With this number, the Silicon Valley electric-car maker has attained the pace to far exceed the 31,655 Model S sedans sold in 2014.

Tesla said it would publish the number of new car deliveries within three days of quarter end. Company's Chief Executive Elon Musk has set a target of 55,000 deliveries in 2015, and 500,000 by 2020. If those ambitious sales are met, these benchmarks would transform Tesla's profile in the cutthroat car business.

To accomplish his target, Musk needs a flawless debut of a new model, the Model X sport utility vehicle, in the second half of the year.

Although, Tesla produces relatively few vehicles, it has become popular in the sector due to keen demand and a reputation for high quality. The company currently produces its luxury Model S, costing upwards of $69,000 but it is planning new vehicles including a more affordable model.

The auto maker has used attractive lease deals in order to maintain demand in the US among low gas. Tesla outlined plans to cut jobs in China after witnessing a $108 million fourth-quarter loss and an inability to meet expectations in the world's largest light-vehicle market.

Mr. Musk visited China this past week and expressed confidence in his team in the region. He usually tweets to give hints about company's future plans.