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Tesla's stock price rose more than 7% on the Monday before the release after the company's production and delivery volumes far exceeded expectations, and is expected to reach its highest level in more than a month.
Tesla reported Friday that 184,800 cars were delivered and 180,338 vehicles were produced in the first quarter of 2021. Analysts had previously expected the company to deliver about 168,000 cars during this period.
It was a record quarter for the company, beating Tesla's 180,570 delivery in the fourth quarter of last year.
According to analysts, the volume of shipments in the first quarter was a quantum leap, indicating that the global build-up of the Model 3 and Model Y is entering its next phase of growth as part of the ongoing global green trend.
They added that we now believe that despite a shortage of chips and several unresolved issues in the auto industry's supply chain, Tesla shipments could exceed 850,000 this year, with an expansion target of 900,000.
Documents released in February showed that Tesla's sales in China doubled last year due to the coronavirus pandemic.
The Chinese electric car maker has sales of $ 6.66 billion, nearly a fifth of the company's $ 31.54 billion sales.
After record shipments, Tesla will increase its market value by nearly $ 50 billion, defeating the impact of the auto chip shortage that has appeared throughout the industry.
The electric car maker said Friday that the strong adoption of the Model Y in the Chinese market is encouraging and the company is rapidly heading to full production.
Although Tesla manufactures only a fraction of its competitors such as Toyota and Volkswagen, CEO Elon Musk's personal fortune has increased eight times its market value over the past year. And General Motors.
Given the increasing demand for electric cars in China and Europe, the electric car industry is likely to resume its upward momentum, and Tesla's shipments could be the spark needed for the upcoming recovery.