Tesla gains on report it's already sold out for the quarter

A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, US. (REUTERS)Premium
A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, US. (REUTERS)
 1 min read . Updated: 06 May 2021, 08:21 PM IST Bloomberg

Tesla Inc. shares rose in early trading after the blog Electrek reported production capacity for the second quarter is already sold out.

The electric-car maker has communicated the level of demand for its vehicles to employees, Electrek said, citing unnamed sources. The author of the post has disclosed in the past he is a Tesla shareholder. The stock pared a 2.9% gain to trade up 1.2% before the start of regular trading.

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Tesla sold a record of almost 185,000 vehicles in the first three months of the year despite having issues rolling out new versions of the Model S and X. Chief Executive Officer Elon Musk has said he expects to start delivering S sedans with an updated interior, battery pack and drive units as soon as this month.


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