Tesla is rallying again on the stock market after reporting record-breaking deliveries for the first quarter, helped by China.
Tesla delivered 184,800 vehicles and produced 180,338 electric cars between January and March, the U.S. electric vehicle (EV) maker said on Friday.
On Monday, the first trading day since the press release was issued, Tesla's stock opened by rising 8 percent to over $700 on the NASDAQ.
"We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production," Tesla said in its brief statement about the Q1 deliveries.
The Q1 deliveries of 184,800 vehicles were above the Q4 deliveries of 180,570 cars and beat analyst expectations.
The analyst consensus was guiding for around 173,800 vehicle deliveries in the first quarter of 2021, Business Insider reported before Tesla's announcement.
Tesla beat analyst forecasts for deliveries in the first quarter despite the global shortage of semiconductors that has plagued the auto industry for months.
The EV maker warned earlier this year that the microchip shortage could have a temporary impact on its production in Q1.
"We're working extremely hard to manage through the global semiconductor shortage as well as port capacity, which may have a temporary impact," Tesla's chief financial officer Zach Kirkhorn said on the Q4 earnings call at the end of January.
According to Wedbush analyst Daniel Ives, the record deliveries in the first quarter of 2021 are a "paradigm changer" for Tesla and for investments in EV makers.
"While the EV sector and Tesla shares have been under significant pressure so far this year, we believe the tide is turning on the Street and the 'eye popping' delivery numbers coming out of China cannot be ignored," Ives said in a note on Sunday, as carried by CNBC.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. More