Tesla shares surged 5% on Monday after the electric car maker posted record shipments in China on a quarterly basis, helping offset the impact of a global auto parts shortage.
The company said Friday that it is being encouraged by strong demand for its Model Y crossover in China and is rapidly progressing to full production capacity.
According to Refinitiv, Tesla said it delivered 184,800 vehicles worldwide during the first quarter of 2021, exceeding estimates of 177,822 vehicles.
At least three brokerage firms have boosted Tesla shares. Wedbush was aggressive, increasing it by $ 50- $ 1,000, well above the analyst’s median price of $ 712.50, according to Refinitiv.
Tesla last traded at $ 695. As of today, stocks are down about 1% in 2021, but they are up more than 600% in the past 12 months.
Tesla’s market capitalization of $ 668 billion makes the company by far the most valuable automaker, although it produces few competitors such as Toyota, Volkswagen and General Motors.
Tesla managed to produce roughly the same number of vehicles in the first quarter as it did in the fourth, even as a global semiconductor shortage plagued automakers.
“Great work of the Tesla team!” Musk tweeted on Monday. “Special mention of Tesla China.”
We also advise you to watch a detailed test drive of Tesla Model 3 from the FineAuto team: