Shares of Tesla, the world’s most valuable carmaker, were up 13.5 per cent on Monday to close at $1,199.78, the biggest daily percentage gain in nearly 10 months.
see photosSome analysts also said Tesla stock is overvalued, given its relatively low production volume.
Shares of Tesla Inc. started the year with stellar gains after the electric carmaker reported record deliveries for the fourth quarter, allaying supply chain fears plaguing automakers. Shares of the world’s most valuable carmaker closed 13.5% higher at $1,199.78 on Monday, the biggest daily percentage gain in nearly 10 months. Analysts expect strong delivery numbers to lift expectations for 2022 and see the pace of expansion of its new factories in Berlin and Texas to be a big determinant.
“We expect a gradual ramp up of Berlin and Austin and anticipate that those ramps will lead to a decline in exports from Shanghai, many of which are bound for Europe in 2021,” said Cowen analyst Jeffrey Osborne.
The company, like others, faces component shortages in the form of a global logistics crisis and factory closures due to the pandemic limiting supplies. But Tesla managed to overcome a lot of the problems by reprogramming the software to use less rare chips. Tesla delivered 308,600 vehicles in the fourth quarter, exceeding analysts’ forecasts of 263,026 vehicles, which include its Model 3 compact cars and Model Y sport-utility vehicles and flagship Model S and Model X vehicles, the company said on Sunday. gave information.
Tesla delivered 308,600 vehicles in the fourth quarter, exceeding analysts’ forecast of 263,026 vehicles
RBC Capital Markets revised its quarterly revenue estimate to $2.3 billion. JP Morgan has raised its profit forecast. Still, analysts said Tesla has a lot more to look forward to in 2022 as competition sets in with several startup EV companies set to launch their first cars on the road. Major automakers like Ford and General Motors are also focusing on electric cars.
Osborne said, “We see that 2022 was a more challenging year than 2022, in light of increased competition, and we believe the design of the four vehicles on the road is getting taller in the teeth, can slow growth,” Osborne said.
Some analysts also said Tesla’s stock is overvalued, given its relatively low production volume. Tesla, which produced about 930,000 vehicles last year, is worth nearly four times that of Toyota Motor, which aims to produce 9 million vehicles in the year ending March.
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