April 12, 2021

Shares of Tesla have risen 7% since sales increased in the first quarter

People view the Tesla Model Y at the Tesla Showroom in Beijing on January 5, 2021.

Wang Zhao | AFP | Getty Images

Tesla Shares rose more than 7% in early trading on Monday as investors boosted production and distribution figures.

At 6.40am on Monday, the company’s shares were up 7.44% at $ 711 in booking trading.

Tesla said on Friday that it delivered 184,800 vehicles and produced 180,338 cars In the first quarter of 2021. As of April 1, analysts expect the company to deliver about 168,000 vehicles during this period, according to estimates compiled by Factset.

It was a record-breaking quarter, topping the list 180,570 deliveries The company registered in the fourth quarter last year.

In a note on Sunday, weightbush analyst Daniel Yves upgraded Tesla to “better” and raised the company’s 12-month target price from $ 50,950 to $ 1,000.

“In our opinion, the 1Q delivery numbers released on Friday were a paradigm shift, and Tesla’s Model 3 / Y shows that growing demand worldwide has hit its next phase of growth as part of the global green wave,” Eves wrote in the note. “Despite the chip shortage and various supply chain problems, we now hope that Tesla will be able to exceed 850km of deliveries per year with an extension target of 900kg across the automotive sector.”

Meanwhile, in February, A file shows that Tesla’s sales in China doubled last year Between corona virus infections. The electric car maker in China had sales of $ 6.66 billion – a fifth of the company’s $ 31.54 billion revenue.

In 2020, it was a tough year for Tesla, and by 2021 the shares were down 9%.

NCNBC’s Lora Collotney contributed to the report.