Tesla Inc increased its market value by about $ 50 billion as shares in the electric car maker surged on Monday after the company announced record shipments amid strong demand in China.
The stock jumped nearly 8% in pre-sale trading to hit its highest in a month. The company said Friday that it is encouraged by the warm welcome of the Model Y crossover in China and is rapidly reaching full production capacity.
Analysts remained hopeful as despite global chip shortages hitting the entire auto sector, various supply chain problems and growing competition, Tesla still managed to produce about as many cars in the first quarter as it did in the fourth quarter.
In the first quarter of 2021, Tesla delivered 184,800 vehicles worldwide, surpassing the forecast of 177,822 vehicles. At least three brokerages have raised their target prices for Tesla shares.
The personal fortune of CEO Elon Musk has grown more than eightfold over the past year.
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