Tesla gains after better-than-feared Q1 deliveries tally
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Tesla (NASDAQ:TSLA) traded slightly higher in early action on Monday after the electric vehicle company delivered 310K vehicles in Q1 to miss the consensus mark of 312K vehicles.
Wedbush Securities characterized the deliveries tally as better than feared following light whisper numbers that came in late in the quarter amid new COVID shutdowns in China and massive logistics complications delivering units to customers in Europe.
Analyst Dan Ives estimated roughly 20K to 25K units were pushed out of Q1 into Q2 due to the logistical and factory issues and said underlying demand number still look strong with a robust trajectory for the rest of 2022.
"Relative to other automakers such as GM and Ford as well as Chinese EV players such as NIO, Xpeng, and others we view these delivery and production numbers as a positive step in the right direction for the next step of the Tesla growth story to take hold with Berlin and Austin factories now green lighted."
Wedbush Securities maintained an Outperform rating on Tesla (TSLA) and assigned a price target of $1,400 following the quarterly deliveries update.
Shares of Tesla (TSLA) rose 1.03% in premarket trading to $1,095.74. Earlier on Monday, Elon Musk disclosed that he took a passive stake of 9.2% in Twitter.