(TSLA) US Equity”/>Tesla Inc.’s stellar first-quarter delivery numbers stood out amid a difficult backdrop of the auto industry struggling with a semiconductor shortage, and gave a fresh lease on life to stocks of electric-vehicle companies on Monday.
Shares of Elon Musk-led Tesla jumped more than 8% premarket on Monday. Nio Inc., Nikola Corp., Workhorse Group Inc., Lordstown Motors Corp., XPeng Inc., Fisker Inc. and Canoo Inc. were all higher as well, along with other EV-related companies like ChargePoint Holdings Inc. and Beam Global.
The group has received some good news over the past week, including a big push into electric vehicles in the infrastructure spending bill unveiled by U.S. President Joe Biden, and the estimate-crushing delivery figures from Tesla. Together, they have helped boost investor enthusiasm for the space, which experienced weakness in the first three months of the year amid a wider selloff in technology stocks.
Tesla on Friday said it delivered 184,800 cars worldwide for the first quarter of the year, outpacing the 169,850 average of analysts’ estimates in a Bloomberg survey.
“These delivery numbers are a paradigm and sentiment shifter for the space going forward,” Wedbush analyst Daniel Ives wrote in a note, calling Tesla’s delivery numbers a “jaw dropper.” He also said the recent brutal selloff in the space may now be in the rear-view mirror.
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