Tesla shares surge amid record electric cars deliveries in Q1

Photo: Tesla

Shares of Tesla Inc surged nearly 8% in pre-market trading on Monday, after the world's most valuable carmaker posted record deliveries as a solid demand for its electric cars offset the impact of a global shortage of chips.

"Tesla's ability to produce roughly the same amount of vehicles in the first quarter as in the fourth quarter "stands out relative to the trend in global light vehicle production", J.P.Morgan analysts wrote in a note, cited by Reuters.

The electric-car maker said on Friday it was encouraged by the strong reception of its Model Y crossover in China and it was quickly progressing to full production capacity. According to Refinitiv data, Tesla delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles,.

Shares of Tesla were up nearly 8% at $714 in trading before the bell, while other EV makers, including NIO Inc and Workhorse Group, were up between 1% and 4%.

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