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• Shares were as high as 10% at a one-month high of $1,163.63 in early trading on Monday
• Tesla delivered 308,600 vehicles in the fourth quarter, beating analysts’ forecasts of 263,026 vehicles
Shares of Tesla Inc soared on the first day of trading of the new year after the electric carmaker reported record deliveries for the fourth quarter.
Shares were as high as 10% at a one-month high of $1,163.63 in early trading on Monday.
The company combated component shortages unlike other carmakers whose performance was deeply affected by the shortages. Tesla, on the other hand, reprogrammed software to use less scarce chips.
Tesla delivered 308,600 vehicles in the fourth quarter, beating analysts’ forecasts of 263,026 vehicles which include its Model 3 compact cars and Model Y sport-utility vehicles and flagship Model S and Model X vehicles.
Increasing competition
Analysts say that the high delivery numbers would aid in boosting Tesla’s 2022 expectations. RBC Capital Markets revised its quarterly revenue estimate, increasing it by $2.3 billion.
Also Read: Stock futures surges on first trading day of 2022 betting for economic recovery amidst Omicron
Competition for Tesla heats up in 2022 as several startup EV companies are scheduled to launch their first cars. Ford and General Motors are also shifting focus to electric cars.
Picture Credits: Reuters