Tesla Inc.’s market value was set to grow by $50 billion as its shares surged on Monday after reporting record deliveries, according to Reuters.
- Tesla stock jumped nearly 8% in pre-market trading, on track to hit its highest in over a month. Shares were at $713 before the bell, while rivals were up about 3%.
- The company last week expressed optimism on the strong reception of its Model Y crossover in China, and was quickly progressing to full production capacity.
- Vehicle deliveries hit 184,000 in the first quarter of 2021, above estimates of 177,822 vehicles.
- “Great work by Tesla team!” Musk tweeted on Monday, “Special mention of Tesla China.”
- At least three brokerages raised their price targets, with Wedbush the most aggressive by increasing it $50 to $1,000. It also raised the rating to “outperform” from “neutral.”
- Analysts say the electric vehicle sector looks primed to resume its march higher, given the high demand in China and Europe.