Tesla shares bounce as a lot as 7% after first-quarter gross sales surge
The inventory retreated from its highs all through the day, nonetheless, and shares ended the session 4.4% larger.
Tesla on Friday reported that it delivered 184,800 automobiles and produced 180,338 automobiles within the first quarter of 2021. Analysts had been anticipating the corporate to ship round 168,000 automobiles throughout this era, in response to estimates compiled by FactSet as of April 1.
It was a record-beating quarter, topping the 180,570 deliveries the corporate recorded within the fourth quarter of final 12 months.
In a be aware on Sunday, Wedbush analyst Daniel Ives upgraded Tesla shares to outperform and raised its 12-month goal value for the corporate to $1,000 from $950.
“In our opinion, the 1Q supply numbers launched on Friday was a paradigm changer and exhibits that the pent-up demand globally for Tesla’s Mannequin 3/Y is hitting its subsequent stage of progress as a part of a worldwide inexperienced tidal wave underway,” Ives wrote. “We now imagine Tesla might exceed 850k deliveries for the 12 months with 900k a stretch objective, regardless of the chip scarcity and varied provide chain points lingering throughout the auto sector.”
A submitting in February confirmed that Tesla’s gross sales in China greater than doubled final 12 months amid the coronavirus pandemic. The electrical automobile maker’s gross sales in China got here in at $6.66 billion — round a fifth of the corporate’s $31.54 billion revenues.
Regardless of a bumper 2020, it has been a troublesome 12 months for Tesla inventory, with shares down over 9% in 2021.
—CNBC’s Lora Kolodny contributed to this report.