A worker exits a Tesla Model 3 electric vehicle at Tesla’s primary vehicle factory after CEO Elon Musk announced he was defying local officials’ coronavirus disease restrictions by reopening the plant in Fremont, California, May 11, 2020. — ReutersAPRIL 5 — Tesla Inc was set to add about US$50 billion to its market value as the electric car-maker’s shares surged today, after it posted record deliveries on strong demand in China that helped it offset the impact of a global shortage in auto parts.
The company said on Friday it was encouraged by the strong reception of its Model Y crossover in China and it was quickly progressing to full production capacity. At least three brokerages raised their price targets on Tesla’s stock. Brokerage Wedbush was the most aggressive, increasing it by US$50 to US$1,000, much higher than the median price target of US$712.50, as per Refinitiv data. Wedbush also raised its rating to “outperform” from “neutral”.