Tesla shares jump 7% after surge in first-quarter sales

Tesla shares rose over 7% in premarket trading on Monday, as investors cheered production and delivery figures that broadly beat expectations, CNBC reports.

Less than an hour before the opening bell, shares in the company were up 7.5% in premarket trading at $711.50.

Tesla on Friday reported that it delivered 184,800 vehicles and produced 180,338 cars in the first quarter of 2021. Analysts were expecting the company to deliver around 168,000 vehicles during this period, according to estimates compiled by FactSet as of April 1.

It was a record-beating quarter, topping the 180,570 deliveries the company recorded in the fourth quarter of last year.