Tesla shares rose up to 7.5 percent in pre-market trading on Monday. This comes after the electric vehicle company founded by Technoking Elon Musk, posted its record quarterly deliveries between the months of January and March.
According to the information put out last Friday, the electric vehicle company delivered 184,800 vehicles in the first quarter of 2021.When compared to the first quarter of 2020 with figures of 88,400 deliveries; the company has more than doubled the deliveries this year. The deliveries for the last quarter in 2020 were 180,570; this means that the deliveries for the first quarter of this year exceeded that of the last quarter of 2020. The stock market was closed on Friday in observance of Good Friday and traders had nothing to do than take time to comprehend these results.
Figures show that Tesla’s Model 3 and Model Y, which are one of the most affordable Tesla brands made the most part of the deliveries. Out of 184,800 vehicles delivered, 182,780 were the Model 3 and Y models. The company makes both models at its Shanghai Gigafactory, which began making deliveries about a year ago. Tesla has also delivered over 2000 of its more expensive Model S and X vehicles in the first quarter of 2021.
In a statement the company said, “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity”. The company’s production capacity has also grown in the first quarter of this year, increasing to 180,338 Model 3 and Model Y vehicles combined. Even with the month-long global shortage of chips due to the coronavirus pandemic, Tesla has managed to have these impressive numbers.
Tesla delivered almost 500,000 vehicles in 2020 alone. Tesla vehicles have begun to gain momentum and people have begun to embrace Tesla’s products. Tesla vehicles have the ability to change the world and reduce the need for non-renewable sources of energy and powering automobiles. Now that the company’s shares have surged by 7.5 percent, the company is set to add about $5o billion to its market value.