Tesla Inc. (TSLA) stock plunged by 0.93% at the last trading close whereas taking turnaround the TSLA stock rises by 7.67% in the premarket trading session after Tesla reported its record first quarter delivery. Tesla is an electric vehicle and renewable energy company. Tesla’s latest offerings include electric vehicles, home and grid-scale battery energy storage, solar panels and solar roof tiles, and other associated products and services.

What is happening?

Tesla announced that it has delivered 184,800 electric vehicles in the first quarter of 2019, surpassing the previous high of 180,570 units set in the fourth quarter of 2020. Furthermore, 1Q vehicle shipments were significantly higher than analysts’ estimates of 177,822 units. TSLA stock first-quarter deliveries were also up 109 percent from the same quarter a year earlier, when the company shipped 88,400 electric cars.

The Model Y and Model 3 accounted for 182,780 of the total, representing a 139.9% rise year over year. However, deliveries of the Model S and X dropped 83.4 percent year over year to 2,020 vehicles. The quarter’s overall production rose by 75.6 percent year over year to 180,338 units.  TSLA stock announced that its Model Y electric car has been well received in China and that it is on track to reach full production.

Furthermore,

Daniel Ives who is a Wedbush analyst said that the Q1 delivery numbers that has been released on Friday were a paradigm shift which shows that global pent-up demand for Tesla’s Model 3/Y is approaching its next stage of growth as part of a global green tidal wave. Despite the chip shortage and numerous supply chain issues lingering throughout the auto industry, we now believe TSLA stock could surpass 850k deliveries for the year, with 900k as a stretch target.