Tesla’s market value set to gain $50 billion on record first-quarter deliveries

Tesla

Tesla’s market value set to gain $50 billion on record first-quarter deliveries

Tesla (NASDAQ:TSLA) Inc UP 6.96% AT 661.75

Tesla (NASDAQ:TSLA) Inc was set to add about $50 billion to its market value, as its shares surged on Monday after the world’s most valuable automaker posted record deliveries, overcoming the impact of a shortage of automobile chips that has slammed the entire sector.

The carmaker’s shares, up nearly 8% in pre-market trading, were on track to hit their highest in over a month.

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.

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.

Tesla delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles, according to Refinitiv data.

On technical fronts Tesla (NASDAQ:TSLA) Inc RSI stood at 53.07 and currently stock is trading Below 5 days MA and Above 20 and 50 days Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: Tesla (NASDAQ:TSLA) Inc – BUY: 661.75, TARGET: 772.88, STOP LOSS: 594.45

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