Tesla shares jump on blowout deliveries

Tesla shares shot north right out of the gate on the first trading day of the year Monday, fueled by a surge in deliveries at a time when other automakers are struggling with supply chain issues.

The electric vehicle maker delivered 308,600 vehicles in the latest quarter, racing way past Wall Street’s estimates. It was able to significantly increase production of its Model 3 sedans and Model Y sport utilities.

This comes at a time when factory closures and a global logistic crunch have left automakers short on parts, crimping production. Tesla wasn’t exactly immune, but it managed to shrug off much of that by reprogramming software so it can use chips that are less scarce.

What’s more, analysts say new factories in the U.S. and Germany - that are expected to launch operations early this year - will enable Tesla to boost production and ease much of the supply constraints.

Shares of the world’s most valuable automaker rose 10% in early trading Monday, adding to their 50% gain in 2021.

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