Tesla shares surge after company posts record deliveries

Tesla posted a record delivery to strong demand in China that helped offset the impact of a global shortage of auto parts, followed by a surge in stocks of electric car makers on Monday, about 500 to market value. I was planning to add $ 100 million.

Stocks surged nearly 8% in pre-market trading and were on track to reach their highests in more than a month.

The company said on Friday that it was boosted by the popularity of the Model Y crossover in China and rapidly moved to full capacity.

Analysts succeed in producing about the same amount of vehicles in the first and fourth quarters, despite a global chip shortage blaming the entire automotive sector, various supply chain issues and intensifying competition Because of that, I continued to have hope.

At least three brokerage firms have raised Tesla’s share price target. The brokerage firm Wedbush was the most aggressive, rising from $ 50 to $ 1,000, well above the median target price of $ 712.50, according to Refinitiv data. Wedbush also raised its rating from “neutral” to “outperform.”

“Tesla is running perfectly. Loss Capital Partners analyst Craig Irwin isn’t surprised by the strong deliveries, despite adding that the stock is” terribly overvalued. ” Stated.

“EV is an exciting place and Tesla is a leader.”

CEO Elon Musk’s personal wealth was boosted by a surge of more than eight times last year’s share price, despite being just a small part of rivals such as Toyota, Volkswagen and General Motors.

According to Refinitiv data, Tesla delivered 184,800 vehicles worldwide in the first quarter of 2021, surpassing an estimated 177,822 vehicles.

“It’s a great job for the Tesla team!” Mask Tweet on Monday. “A special mention of Tesla China.”

Tesla’s share price was $ 713 before Bell, but other EV makers such as NIO Inc., Workhorse Group and Xpeng Inc. rose about 3%.

“The (EV) sector appears ready to resume a higher march given the surge in demand for EVs in China, Europe, and the United States. Investing.com.

By Subrat Patnaik and Akanksha Rana