Connect with us

Hi, what are you looking for?

TOP news

Tesla soars 10% after smashing estimates to deliver 308,600 vehicles in the 4th quarter

A Tesla Model 3 in China’s Shandong Province.

Tang Ke/Costfoto/Barcroft Media via Getty Images

  • Tesla soared 10% on Monday after it reported Q4 vehicle deliveries that crushed expectations.
  • The company delivered 308,600 vehicles, beating analyst estimates of about 266,000.
  • “These delivery numbers were ‘jaw dropping’ and speaks to an EV demand trajectory that looks robust for Tesla,” Wedbush said.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Tesla stock soared as much as 10% on Monday after the electric vehicle manufacturer reported fourth-quarter deliveries that sailed past analyst expectations.

The company delivered 308,600 vehicles and produced 305,840 vehicles. Wall Street analysts had been expecting Tesla to deliver 266,000 vehicles in the fourth quarter. The bulk of the deliveries were for Tesla’s Model 3 and Model Y vehicles, with its Model S and Model X deliveries totaling just 11,750.

For all of 2021, Tesla delivered just under 1 million vehicles at 936,172, representing an 87% spike from its 2020 delivery figures. “Great work by Tesla team worldwide!” Musk tweeted in response to the Q4 delivery results. 

“These delivery numbers were ‘jaw dropping’ and speaks to an EV demand trajectory that looks robust for Tesla heading into 2022,” Wedbush analyst Dan Ives said in a Sunday note. He estimates that Tesla delivered 200,000 vehicles in the month of December alone, speaking to the hockey stick-like growth for the company and electric vehicles in general. 

Ives expects Tesla’s China business to drive significant growth going forward, and credits the company’s ability to successfully navigate chip shortages over the past year. “These numbers are hard to poke holes in and will be a major feather in the cap for the bulls on Monday morning and should improve broader sentiment on the EV space as a whole.”

Tesla stock’s surge on Monday brought it back to levels last seen in late-November. Ives sees the run continuing, with the analyst assigning an Outperform rating and $1,400 price target for the company. In a bull case scenario, he assigned Tesla a year-end 2022 price target of $1,800, representing potential upside of 60% from current levels.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


You May Also Like

TOP news

Paul Sancya/AP On June 2, Delta will become the first US airline to pay its flight attendants for boarding time. Previously, flight attendants were...

Opinion

Adeline van Houtte is the Economist Intelligence Unit’s lead analyst on Russia. It looks like Russia is at it again, after the unusual movement...

World

The EU should play an active role in the upcoming U.S.-Russia talks over security concerns around Ukraine, the bloc’s top diplomat told German media...

Health Care

Former President Donald Trump confirmed he had gotten a booster during a live show with Bill O’Reilly in Dallas on Sunday.

Сentral Tribune - Politic News