Tesla shares jump as much as 7% after first-quarter sales surge

Tesla shares moved better on Monday, as investors cheered production and provide figures that broadly beat expectations.

The stock gained as important as 7% for the length of early procuring and selling. At noon on Wall Avenue shares were 5.3% better.

Tesla on Friday reported that it delivered 184,800 vehicles and produced 180,338 vehicles in the first quarter of 2021. Analysts were searching at for the corporate to raise spherical 168,000 vehicles for the length of this length, per estimates compiled by FactSet as of April 1.

It modified into once a file-beating quarter, topping the 180,570 deliveries the corporate recorded in the fourth quarter of last 12 months.

In a note on Sunday, Wedbush analyst Daniel Ives upgraded Tesla shares to outperform and raised its 12-month aim note for the corporate to $1,000 from $950.

“In our belief, the 1Q offer numbers released on Friday modified into once a paradigm changer and reveals that the pent-up question globally for Tesla’s Mannequin 3/Y is hitting its next stage of growth as part of a global inexperienced tidal wave underway,” Ives wrote. “We now deem Tesla might additionally exceed 850k deliveries for the 12 months with 900k a stretch aim, despite the chip scarcity and varied provide chain factors lingering across the auto sector.”

A filing in February showed that Tesla’s sales in China bigger than doubled last 12 months amid the coronavirus pandemic. The electrical car maker’s sales in China came in at $6.66 billion — spherical a fifth of the corporate’s $31.54 billion revenues.

No topic a bumper 2020, or now no longer it is been a stressful 12 months for Tesla stock, with shares down over 9% in 2021.

—CNBC’s Lora Kolodny contributed to this characterize.

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