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Home / Business / After a surge in sales in the first quarter, Tesla shares rose by 7%

After a surge in sales in the first quarter, Tesla shares rose by 7%



People look at Tesla Model Y in the Tesla showroom in Beijing on January 5, 2021.

Wang Zhao | AFP | Getty Images

On Monday, Tesla’s stock price rose by more than 7% in pre-market trading, because the production and delivery data cheered by investors greatly exceeded expectations.

At about 6.40 on Monday morning, the company̵

7;s stock price rose 7.44% to $711 in pre-market trading.

According to FactSet’s estimates as of April 1, Tesla reported on Friday that it delivered 184,800 vehicles and produced 180,338 vehicles in the first quarter of 2021. Analysts expect the company to deliver approximately 168,000 vehicles during this period.

This was a record quarter, surpassing the 180,570 deliveries recorded by the company in the fourth quarter of last year.

In a report on Sunday, Wedbush analyst Daniel Ives upgraded Tesla’s stock rating from “leading” to “outperform” and raised its 12-month target price from $950 to 1,000. US dollars.

Ives said: “We believe that the first quarter delivery volume released on Friday is a paradigm change, indicating that the global demand for Tesla Model 3 / Y is reaching its next phase of growth, which is a global green trend Part of it.” written on the note. “We now believe that despite the shortage of chips and various supply chain problems in the automotive industry, Tesla may deliver more than 850,000 this year, with a target of 900,000.

At the same time, a document in February showed that Tesla’s sales in China more than doubled from last year amid the coronavirus pandemic. The electric car manufacturer’s sales in China were US$6.66 billion, which is about one-fifth of the company’s US$31.54 billion in revenue.

Despite the bumper harvest in 2020, it has been a difficult year for Tesla so far, with the stock price falling more than 9% in 2021.

— CNBC’s Lora Kolodny contributed to this report.


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