People are watching a Tesla Model Y car at a Tesla showroom in Beijing on January 5, 2021.
Wang Zhao | AFP | Getty Images
Tesla shares rose more than 7% in premarket trading on Monday, while investors cheered production and delivery figures that generally exceeded expectations.
On Monday around 6.40, the company’s shares increased by 7.44% on premarket trading to 711 USD.
Tesla reported Friday that it delivered 184,800 vehicles and produced 180,338 cars in the first quarter of 2021. Analysts expected the company to deliver about 168,000 vehicles during that period, according to estimates compiled by FactSet on April 1.
It was a record quarter, surpassing the 180,570 deliveries recorded by the company in the fourth quarter of last year.
In a note made Sunday, Wedbush analyst Daniel Ives updated Tesla to “outperform” performance and raised the 12-month target price for the company to $ 1,000 from $ 950.
“In our view, the 1T delivery numbers released on Friday have changed the paradigm and show that globally recharged demand for the Tesla 3 / Y model is reaching the next stage of growth as part of an ongoing green tide wave,” Ives wrote in the note. “We now believe that Tesla could exceed 850,000 deliveries for the year, with 900,000 extended targets, despite the chip shortage and various supply chain issues that persist in the automotive sector.”
Meanwhile, in February, a recording showed that Tesla’s sales in China doubled last year amid the coronavirus pandemic. The Chinese carmaker’s sales totaled $ 6.66 billion – about a fifth of the company’s revenue of $ 31.54 billion.
Despite a 2020 bumper, so far it has been a difficult year for Tesla, with shares falling by more than 9% in 2021.
—Lora Kolodny of CNBC contributed to this report.