People look at a Tesla Model Y car in a Tesla showroom in Beijing on January 5, 2021.
Wang Zhao | AFP | Getty Images
On Monday, Tesla shares rose more than 7% in trading before trading as investors cheered on production and delivery figures that exceeded expectations.
Around 6:40 a.m. Monday, the company’s shares rose 7.44% in premarket trading to $ 711.
Tesla reported Friday that it delivered 184,800 vehicles and produced 180,338 vehicles 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 as of April 1st.
It was a record quarter, surpassing the 180,570 deliveries the company recorded in the fourth quarter of last year.
In a note Sunday, Wedbush analyst Daniel Ives upgraded Tesla to “surpass it” and raised its 12-month target price for the company to $ 1,000 from $ 950.
“In our view, the first quarter delivery numbers released on Friday changed paradigm and show that the accumulated global demand for Tesla’s 3 / Y model is reaching its next stage of growth as part of a ongoing global green tide wave, ”Ives said. he wrote in the note. “We now believe that Tesla could surpass 850,000 deliveries for the year with a target of 900,000 per cent, despite chip shortages and various supply chain problems that persist in the automotive sector.”
Meanwhile, in February, a presentation showed that Tesla sales in China doubled more than last year amid the coronavirus pandemic. Electric car maker sales in China reached $ 6.666 billion, about one-fifth of the company’s $ 31.54 million in revenue.
Despite 2020, it has been a difficult year for Tesla so far, with shares falling from 9% in 2021.
—NBC’s Lora Kolodny contributed to this report.