Tesla hits record high as annual vehicle deliveries top analysts’ estimates
- Tesla hits record high as annual vehicle deliveries top analysts’ estimates.
- The U.S. company delivered a record 180,570 vehicles in the fourth quarter.
- Tesla to begin deliveries of China-made Model Y SUVs in January.
In an announcement over the weekend, Tesla Inc. (NASDAQ: TSLA) said that it topped analysts’ estimates for vehicle deliveries in 2020. The company attributed its better than expected full-year vehicle deliveries to a continuous shift to electric vehicles in 2020.
Tesla shares climbed to a record high of £547.55 per share on Monday. In comparison, the stock was trading at a sharply lower £53.28 per share in March when the ongoing COVID-19 crisis wreaked havoc on the global auto industry.
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Tesla had started 2020 at a per-share price of £66.60. Earlier this year, the world’s largest electric car manufacturer opted for a 5-for-1 stock split, much like the tech giant, Apple Inc.
Tesla delivered 499,550 vehicles in 2020
Tesla said that it delivered 499,550 vehicles in the recently concluded year versus the Wall Street estimate of a lower 481,261 vehicles, as per Refinitiv. The company, however, missed the forecast given earlier by its CEO Elon Musk by 450 units.
In a tweet on Saturday, Musk still appreciated the team for its undying commitment that enabled better than expected vehicle deliveries in 2020 despite the ongoing Coronavirus pandemic that weighed on the global auto industry. The COVID-19 crisis has so far infected more than 85 million people worldwide and caused over 1.8 million deaths.
In the fourth quarter alone, the U.S. electric car manufacturer said that it delivered 180,570 vehicles that set a new quarterly high for Tesla. In comparison, experts had forecast a lower 163,628 deliveries in Q4.
Tesla’s vehicle deliveries in 2020 were particularly supported by the new factory it established in Shanghai, China. The American electric vehicle and clean energy company said in a recent announcement that it will begin deliveries of China-made Model Y SUVs in January.
J.P. Morgan analysts’ comments on Monday
Lifting price target on Tesla, analysts at J.P. Morgan said:
“We are raising our forecasts to reflect higher 4Q deliveries and reports of strong demand for the Model Y in China, which is also suggestive of higher future deliveries.”
Earlier this week, a Bloomberg report said that Tesla’s dominant position in China could be threatened in 2021.
Tesla performed fairly upbeat in the stock market last year with an annual gain of about 30%. At the time of writing, the Palo Alto-based company is valued at £510.54 billion and has a price to earnings ratio of 1,447.12.