EV Shares Soar Following Tesla’s Better-Than-Expected First Quarter Deliveries
The global EV sector appears to be set for a further price rally, following Tesla’s better-than-expected delivery numbers that were released on Friday.
On Monday, Tesla shares soared by more than 7%, adding an increase of $50 billion to its market cap, after the EV maker published its record deliveries on Friday. Tesla reportedly delivered 184,800 cars globally in the first quarter of 2021, exceeding Refinitiv estimates of 177,822 units. Indeed, the quarter was one for Tesla’s record books, following a delivery of 180,570 vehicles in the previous quarter.
There appears to be a robust demand for electric vehicles, that has more than offset the negative impacts stemming from the ongoing global chip crisis. Following news of Tesla’s strong first quarter production performance, shares of other EV makers, including NIO Inc and Workhouse Group, rose by around 3% on Monday.
EV makers also received optimistic news last week, as Biden’s latest infrastructure bill promised to allocate funds towards green technology and the construction of 500,000 EV charging stations across the country.
Information for this briefing was found via Tesla and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
