Tesla has set a new record for vehicles delivered and manufactured during the first quarter of 2017. The electric automaker delivered approximately 13,450 Model S sedans and roughly 11,550 Model X SUVs during the quarter. Combined, that’s a 69 percent increase over the year-ago period.

Tesla said the delivery count should be viewed as “slightly conservative” as they only count a car as delivered if it has been transferred to the customer and all of the paperwork is complete. That said, at the end of the quarter, around 4,650 vehicles were in transit to customers which will be counted as deliveries in the second quarter.

Total Q1 production, meanwhile, checked in at 25,418 vehicles – another record for the company.

Share value in Tesla responded positively to the news. As of writing (just ahead of closing on Monday), share value sits at $296.94, up 6.7 percent on the day – a record high. That puts Tesla’s market cap at just over $48 billion which is ahead of Ford’s at $45.17 billion and just south of General Motors at $51.15 billion. As of now, Tesla is the second-most valuable automaker in the US.

Tesla’s real test, however, will come later this year when it begins production of the mainstream Model 3 sedan. It’ll need to dramatically ramp up production volume in order to get through the initial Model 3 reservations which were around 373,000 as of about a year ago.