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Tesla Pops Premarket, Chinese EV Firms Also Gain on Q4 Sales Momentum

© Reuters.

By Dhirendra Tripathi

Investing.com – Tesla stock (NASDAQ:TSLA) stock jumped 6.8% in Monday’s pre-market trading after beating Q4 delivery estimates, while stocks and ADRs of Chinese rivals gained as well as their latest sales numbers reflected strong demand for EVs (electric vehicles).

Tesla delivered 308,600 vehicles in the fourth quarter, much higher than analysts’ forecasts of 263,026 vehicles, according to Reuters.

October-December deliveries were up about 70% from a year earlier and nearly 30% higher from record deliveries of the prior quarter.

For the full year, the company produced 930,422 units while delivering 936,172 vehicles.

The volumes are noteworthy as they come at a time when the automobile industry has been beset with severe supply issues, particularly those of semiconductors. Tesla’s ability to overcome the shortages and service the demand has also received praise from investors, boosting the share price.

Rivals from China were gainers in the pre-market too. Xpeng (NYSE:XPEV) stock was up 2.9% while Nio ADRs (NYSE:NIO) rose 2.3%. Li Auto (NASDAQ:LI) gained 2.6%.

XPeng’s total deliveries for the fourth quarter reached 41,751 units, a 222% increase year-over-year. The company said its P5 smart family sedans have a “solid order backlog”.

Smaller rival Nio delivered a record 25,034 vehicles in the three months ended December, an increase of over 44% year-over-year. It said it expects to begin the delivery of the ET7, a flagship premium smart electric sedan, in March.

Li Auto delivered 35,221 vehicles in the December quarter, up over 143% year over year.

 

 

Tesla Pops Premarket, Chinese EV Firms Also Gain on Q4 Sales Momentum

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