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Tesla announced first quarter deliveries of 184,800 vehicles, beating the FactSet analyst consensus estimate of 172,230 vehicles by 7%. Although the Model S and Model X production lines are down as Tesla works to refresh both vehicles, Tesla was able to increase deliveries by 2% sequentially and 109% from last year, establishing a new quarterly record.
How will the market react to Tesla’s numbers when the stock starts trading on Monday? So far, the reception has been positive.
Shortly after the figures were released, Jim cramer responded to a tweet that suggested TSLA stock “is expected to rise to $ 1,000 soon and hit $ 1,200 or more in 2022,” saying it was “aggressive but not out of the stadium.” Prior to the first quarter report, TSLA closed at a share price of $ 661.75, -6% year-to-date.
Gene Munster by Loup Ventures sharing his thoughts on Tesla’s report on Twitter – “An impressive number given the headwinds in March [to] buyers are waiting for the upcoming EV credits and the S&X refresh. “
“We are encouraged by the strong reception of the Model Y in China and are rapidly moving towards 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 the first steps in ramping up production, ”Tesla noted in the release.
Ahead of Friday’s publication, analysts expected 831,000 deliveries for Tesla for the year, according to estimates compiled by the company. With around 185,000 delivered in the first quarter, Tesla will need to deliver 646,000 vehicles over the next three quarters – around 215,000 per quarter – to meet Wall St.
Rumor has it that Tesla has bigger aspirations. Information leaked during a company call suggests Tesla could target 1,000,000 deliveries in 2021.
Pierre Ferragu from New Street Research who is bullish on the title but expects deliveries to lack consensus Noted, “The only thing we probably went wrong: the Model Y ramp in China and Fremont. It will also help the 2Q21 look awesome and get a full year of almost a million deliveries!”
Expect analysts to continue to weigh in early next week as investors prepare for Tesla’s first quarter earnings report, likely due after the market closes on Wednesday, April 21.
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Disclosure: Rob Maurer is long stock TSLA and derivatives.
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