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Author: Alan LittleDate: 2021-01-05

Tesla (TSLA) trades 5% higher on 2020 delivery record

Tesla (TSLA) shipped 499,550 vehicles in 2020 as its annual sales soared to $28bn in a delivery update that set the scene for another all-time share high on Monday.

Tesla (TSLA) shares were trading at an all-time high again on Monday, rising 3% after the clean-energy car manufacturer came only 450 vehicles short of its ambitious delivery target of 500,000 units for 2020.

During the final days of last year, analysts were confident that Tesla could hit the milestone, and that proved to be pretty much the case as 180,570 Model 3/Y and Model S/X sedans were shipped in Q4.

This figure represents an impressive 61.2% spike from a year earlier and sees Tesla finish the calendar year with 499,550 vehicle shipments.

JMP Securities’ Joseph Osha said that Tesla’s supply line in Shanghai and Berlin factories played a key role in supporting the 180,000 production run rate in the final three months of the year.

Considering its strength in late 2020, Osha said that it was surprising that the consensus only has Tesla pegged for 784,000 unit deliveries in 2021.

However, he now expects forecasts to rise after revealing JMP’s own internal estimate of 841,000 shipments.

Osha believes that ongoing tensions between the US and Chinese governments could be an issue for the Chinese market this year, but expects president elect Joe Biden to offer an upside.

He noted: “We believe that TSLA sales in the U.S. have the potential to benefit from Biden administration policies, potentially including additional tax credits for EV buyers.”

Tesla shares closed at a record $705.67 on the final day of trading of 2020 last Thursday, and news of the record delivery total had investors prepared for further gains on Monday (4th January).

TSLA stock climbed 5% after markets opened, but a slight correction at midday saw the advance checked to 2.56% for a new $723.73 share price.


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