Tesla is on track to earn $ 50 billion in market value after record deliveries in Q1 – Money Times

Tesla delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles, according to data from Refinitiv (Image: Unsplash / @ milancsizmadia)

A Tesla (TSLA) was on track to earn around $ 50 billion in market capitalization, with its shares skyrocketing in pre-market negotiations on Monday after the company reported record deliveries, overcoming the impact of the shortage of automotive chips that hit the entire industry. .

The shares of the most valuable automaker in the world rose almost 8% in the pre-market, towards the highest price in more than a month.

Tesla delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles, according to data from Refinitiv.

The electric car maker said on Friday that it was encouraged by the strong reception of its Model Y at China and that it was progressing rapidly towards full production capacity.

Tesla’s ability to produce approximately the same number of vehicles in the first quarter and in the fourth quarter “stands out in relation to the trend in global light vehicle production,” analysts said. JPMorgan on a note.

The personal wealth of the company’s chief executive, Elon Musk, was driven by a more than eight-fold increase in stock prices last year, although its output is only a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

At least three brokerages have increased their target prices for Tesla shares. Wedbush made the most aggressive move by raising $ 50 to $ 1,000, well above the average target price of 712.50, according to Refinitiv data.

Tesla’s shares were quoted at around $ 713 before the US market opened, while other electric vehicle manufacturers, including NIO, Workhorse Group and Xpeng, rose about 3%.

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