Charged: Tesla's First Quarter Beat Fueled By Bitcoin, Credit Sales

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Shares of Tesla (TSLA) were under pressure last week as investors and Wall Street analysts digested the company’s first quarter results that beat estimates, helped by sales of bitcoin and regulatory credits. While Goldman Sachs analyst Mark Delaney raised his price target on the stock to $860 following the earnings report, his peer at Citi argued that Tesla's results would likely be viewed as "underwhelming."


Tesla's factory outside Berlin won't start production before the end of January next year due to delays affecting battery pack output, Bloomberg's Christoph Rauwald wrote, citing a report by the German trade magazine Automobilwoche. Chief Executive Officer Elon Musk gave the team in charge of the plant six more months to complete the project, according to the report published Sunday.


XPeng (XPEV) said over the weekend that it delivered a total of 5,147 Smart EVs in April 2021, representing a 285% increase year-over-year. The April deliveries consisted of 2,995 P7s, the company's sports smart sedan, and 2,152 G3s, its smart compact SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 413% increase year-over-year. The company has started to deliver the P7 Wing edition and the lithium iron phosphate battery-powered G3 in April. Delivery of LFP battery powered P7 will start in May as planned. XPeng's third production vehicle, the LiDAR-equipped P5 sedan, was unveiled in April and the company plans to launch the sales of P5 in the third quarter with deliveries in the fourth quarter 2021.

NIO (NIO) also provided its April 2021 delivery results. The company said it delivered 7,102 vehicles, representing a 125.1% year-over-year growth. The deliveries consisted of 1,523 ES8s, the company's six-seater and seven-seater flagship premium smart electric SUV, 3,163 ES6s, the company's five-seater high-performance premium smart electric SUV, and 2,416 EC6s, the company's five-seater premium smart electric coupe SUV. As of April 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 102,803 vehicles.

Additionally, Li Auto (LI) announced that it delivered 5,539 Li ONEs in April 2021, representing a 111.3% year-over-year increase and taking the cumulative deliveries to 51,715. "It took the company only 17 months to reach the milestone of the 50,000th delivery from the first delivery of Li ONE in December 2019, creating the fastest record among all new energy vehicle companies," Li Auto said.


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