Tesla shares jump 7% after first-quarter sales surge

Folks take a look at a Tesla Mannequin Y vehicle at a Tesla showroom in Beijing on January 5, 2021.

Wang Zhao | AFP | Getty Photographs

Tesla shares rose over 7% in premarket shopping for and promoting on Monday, as merchants cheered manufacturing and provide figures that broadly beat expectations.

Round 6.40 a.m. Monday, shares throughout the firm had been up 7.44% in premarket shopping for and promoting at $711.

Tesla on Friday reported that it delivered 184,800 autos and produced 180,338 vehicles throughout the first quarter of 2021. Analysts had been anticipating the corporate to ship spherical 168,000 autos all through this period, 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 throughout the fourth quarter of ultimate 12 months.

In a phrase on Sunday, Wedbush analyst Daniel Ives upgraded Tesla to “outperform” and raised its 12-month aim price 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 throughout the phrase. “We now consider Tesla may exceed 850k deliveries for the 12 months with 900k a stretch aim, regardless of the chip scarcity and varied provide chain points lingering throughout the auto sector.”

In the meantime, in February, a submitting confirmed that Tesla’s gross sales in China higher than doubled last 12 months amid the coronavirus pandemic. The electrical-car maker’s gross sales in China received right here in at $6.66 billion — spherical a fifth of the corporate’s $31.54 billion revenues.

Regardless of a bumper 2020, it has been a hard 12 months for Tesla so far, with shares down over 9% in 2021.

—CNBC’s Lora Kolodny contributed to this report.

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