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Tesla shares jump as much as 7% after first-quarter sales surge

Tesla appropriations jumped as much as 7% at the opening bell on Monday, as investors cheered production and delivery figures that broadly pelt expectations.

The stock retreated from its highs throughout the day, however, and shares ended the session 4.4% higher.

Tesla on Friday reported that it distributed 184,800 vehicles and produced 180,338 cars in the first quarter of 2021. Analysts were expecting the company to give around 168,000 vehicles during this period, according to estimates compiled by FactSet as of April 1.

It was a record-beating barracks, topping the 180,570 deliveries the company recorded in the fourth quarter of last year.

In a note on Sunday, Wedbush analyst Daniel Ives upgraded Tesla apportionments to outperform and raised its 12-month target price for the company to $1,000 from $950.

“In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer and represents that the pent-up demand globally for Tesla’s Model 3/Y is hitting its next stage of growth as part of a global rural tidal wave underway,” Ives wrote. “We now believe Tesla could exceed 850k deliveries for the year with 900k a elongate goal, despite the chip shortage and various supply chain issues lingering across the auto sector.”

A chronologizing in February showed that Tesla’s sales in China more than doubled last year amid the coronavirus pandemic. The stimulating car maker’s sales in China came in at $6.66 billion — around a fifth of the company’s $31.54 billion revenues.

Teeth of a bumper 2020, it’s been a tough year for Tesla stock, with shares down over 9% in 2021.

—CNBC’s Lora Kolodny play a parted to this report.

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