The 2020 pandemic hit many companies hard, while other companies took it as a chance to grow, seemingly unaffected by the state of the world around them. NVIDIA (NASDAQ:NVDA) came out as one of those thriving businesses and achieved gains of 122% in 2020. The company’s graphics processing units (GPUs) were present and needed for trends that accelerated exponentially due to the pandemic, boost...
Investors are in love with the electric car company lately. Its growth and delivery have been demolishing estimates in the past few years, and this time is no different.
Shares of Tesla (NASDAQ: TSLA) were on the rise on Monday. The stock rose 7% and then stabilized at 4.6%. This sudden jump in value was due to the company publishing its deliveries report for the first quarter over the weekend. Tesla’s results have given longtime investors confidence that the company is still going strong in its product line’s growth and rapid success.
Tesla delivered 184,800 vehicles during its first quarter. Estimates calculated lower numbers closer to the 170,000 marks. This growth increased every year, with 61% growth rates in the last quarter of 2020 and 44% in the one prior.
Tesla is heavily encouraged by their reception of their Model Y in China, which has motivated the company to operate at total production capacity. The strong deliveries during the first quarter paint a pleasant picture for the company to achieve its goal of delivering over 750,000 vehicles this year; a 50% increase from last year’s 500,000 deliveries.
Tesla’s increasing deliveries signal how efficiently the company has been boosting its production capabilities of the Model Y and Model 3. Tesla produced over 17,000 more vehicles in the first quarter of 2021 than in the fourth quarter of 2020.
Regarding its other models, Model S and Model X, Tesla had to halt the production during the quarter. This doesn’t mean the models are doomed, as the company wanted to revamp its pricier vehicles, bringing entirely new versions of them that have been incredibly well-received. Tesla focused on implementing the necessary equipment during Q1 and is ready to ramp up production for these models as well.