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    Tesla never ceases to amaze with records. Why are stocks going up?

    Last weekTesla reported record shipments of its electric vehicles in the first quarter of 2020Todayshares are up 7.7in premarket.

    A total of 180,338 electric vehicles were producedDelivery reached a record 184,800 vehiclesup from 168,000 that Wall Street expectedIn annual termsshipments increased by 109%.

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    Most of the delivery fell on Model 3 and Model Y – 182,780 vehicles (+ 140YoY). Shipments of the S and X models have all but stopped as Tesla unveiled new versions of the vehicles and production is still in its early stages.

    Model Y was likely the main catalyst for Tesla’s car sales growth during the quarterTesla first began producing Model Y at its China plant in Q4 2020.
    Now the company has enough production capacity to fulfill its annual plan of 750 thousand carsand the current results only confirm this.

    Wedbush analyst Daniel Ives raised his Tesla ratingThe company’s target was also raised – from $ 950 to $ 1000.

    Tesla could surpass 850,000 shipments a year with a prospect of 900,000 unitsdespite chip shortages and various supply chain problems persisting in the automotive sectorHoweverwe cannot ignore the eyepopping shipping figures from Chinaas they will account for roughly 40of Musk & Co’s shipments by 2022, ”Ives said Sunday.

    Since the beginning of the yearTesla shares have lost 6.2and gained 587over the past year.

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