Tesla’s stock price experienced a surge in premarket trading on Monday following the company’s report of a new record in quarterly deliveries, reaching 466,140 vehicles. By 8:30 a.m. ET, the stock had risen over 6% to $772.50.
Exceeding Wall Street expectations, Tesla delivered more vehicles than anticipated, beating estimates of 445,000 vehicles. Additionally, the company achieved a production milestone, manufacturing 479,700 vehicles in the quarter, a record for any quarter.
Despite challenges faced by the global auto industry, such as chip shortages and disruptions in the supply chain, Tesla managed to overcome them by increasing production at its factories in Fremont, California, and Shanghai, China.
Tesla’s stock price has been steadily climbing in recent months, now boasting a year-to-date increase of over 50%. These impressive delivery numbers are expected to further contribute to the stock’s upward trajectory.
Several analysts shared their reactions to Tesla’s delivery numbers. Dan Ives, an analyst at Wedbush Securities, stated, “Tesla’s delivery numbers were exceptional and indicate the company’s ongoing growth despite the challenges in the auto industry.”
Looking ahead, it remains intriguing to see if Tesla can maintain its momentum in the second half of the year. The company faces various obstacles, including rising costs and increased competition. Nevertheless, if Tesla continues to deliver robust results, it is highly likely that its stock price will continue to rise.
