After peaking at $661.75 at the height of the electric vehicle and clean energy bubble, Tesla (NASDAQ:TSLA) may have bottomed. The company has two positive catalysts supporting an upcoming rebound. Its first-quarter deliveries exceeded expectations. Second, truck deliveries open a new market for the EV giant.
Tesla posted Q1 2021 vehicle production and deliveries on Apr. 2. In the period, it produced 180,338 units and delivered 184,800. Analysts expected 168,000 deliveries.
Model 3 and Y made up most of the deliveries. Unfortunately, Model S and X, which are substantially more expensive, topped 2,020 units.
Although the firm cautioned "final numbers could vary by up to 0.5% or more," momentum is growing again. For example, the company said it was encouraged by the strong reception of the Model Y in China. As it progresses to full production capacity, Tesla may build a sizable market share in the region.
Li Auto (NASDAQ:LI), Nio, and Xpeng (NYSE:XPEV) are the incumbents to beat. And because its strong figures occurred at the slowest quarter of the year, expect sales to jump in 2021. Furthermore, S/X production shut down in the period. So, of all the EV stocks, TSLA stock has the best upside potential.
Look for growth investors betting on the recent drop to end to accumulate shares at this level.
