Tesla stock prices saw huge gains on Monday. This is because the company’s production and delivery figures beat expectations.
TSLA shares gained as much as 7% during early trading hours. By noon shares of the company were 5.3% higher, overall.
Friday, Tesla reported that in the first quarter of 2021, it delivered 184,800 vehicles and manufactured 180,338. Analysts had been expecting the company to ship about 168,000 vehicles.
These sales figures were record-breaking. Tesla’s last quarterly sales record was 180,570 during the 4th quarter of 2020.
Then, on Sunday, Daniel Ives of Wedbush upgraded Tesla to ‘outperform’ and raised its 12-month target price for the company from $950 to $1,000.
In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla’s Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway. We now believe Tesla could exceed 850k deliveries for the year with 900k a stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector.
Daniel Ives
Tesla’s more than doubled its sales in China last year during what was hopefully the height of the coronavirus pandemic. The electric car maker’s sales in China came in at $6.66 billion dollars. That’s about a fifth of Tesla’s $31.54 billion annual revenue.
