Tesla could deliver 900,000 cars in 2021
Tesla shares (NASDAQ:TSLA) opened 7% higher on Monday as news emerged that the electric vehicle manufacturer exceeded expectations of its production and delivery figures.
At the end of last week Tesla confirmed it had delivered and produced 184,800 and 180,338 cars respectively in the first quarter of 2021. Analysts expectations were at around 168,00 vehicles for the period, according to data collected by FactSet.
It was a record-setting quarter, exceeding the 180,570 deliveries completed in Q1 of 2020.
Over the weekend, Daniel Ives, analyst at Wedbush, upgraded Tesla shares to outperform and increased its 12-month price target to $1,000, up from $950.
“In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla’s Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway,” Ives wrote.
“We now believe Tesla could exceed 850k deliveries for the year with 900k a stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector.”
A February filing also revealed that Tesla’s saes in China more than doubled last year in the midst of the coronavirus pandemic.
The electric car maker’s sales in China came in at $6.66 billion — around a fifth of the company’s $31.54 billion revenues.
Tesla’s share price remains down by 5% since the turn of the year as the company has had a tough 2021 so far.