Tesla set for record start to New Year after blowout deliveries
Tesla Inc. is set to start the new year on the highest of high notes after the firm reported a historic quarter for deliveries that smashed its previous record.
Shares of electric-car maker rose as much as 7.7% in premarket trading Monday, putting them on track for their best start to a year on record. Since the company went public in June 2010, it has seen an average loss of about 0.2% on its first trading day of the year, according to data compiled by Bloomberg.
Data released Sunday showed 308,600 vehicles delivered worldwide in the fourth quarter, well ahead of the average analyst estimate of roughly 263,000 vehicles, and topping the company’s previous record of 241,300 from the prior quarter.
“Tesla continues to execute well, posting deliveries and production above consensus expectations,” said Cowen analyst Jeffrey Osborn. “As the competition heats up from incumbent OEMs and new entrants alike, we see 2022 becoming a critical year for Tesla.”
Monday’s jump follows what was a choppy final three months of the year for Tesla investors. A 44% jump in October helped push the company’s market capitalization above the $1 trillion mark for the first time. Shares then reached a record high in early November, before plunging after Chief Executive Officer Elon Musk began unloading 10% of his stake. The stock finished the year with its first losing month since May despite a brief surge at the end December.