Tesla shares rise on delivery forecast

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Tesla is forecast to beat analyst predictions when the electric vehicle maker and clean energy company reports first quarter deliveries on Sunday. 

Barclays Senior Autos Analyst Dan Levy told Yahoo Finance on Monday he expects Tesla to reach 425,000 units of volume ahead of the 420,000-unit consensus. The company missed analysts' estimates in January due to logistical issues and slowing demand. 

In January, Tesla delivered 405,278 vehicles in the fourth quarter ending Dec. 31, 2022, short of analysts' estimates of 431,117, according to Refinitiv. For all of 2022, company deliveries rose by 40%, missing Musk's 50% annual target.

In an interview with FOX Business, David Russell, VP of Market Intelligence at TradeStation, said "Deliveries are a key metric for Tesla because their investment thesis is focused on growth."

TESLA STOCK NOW BLUE-CHIP AFTER CREDIT UPGRADE

"Investors want to see ramping production, which they expect to lead to economies of scale and better profitability," he added. "There have also been indications of strong demand in China and Europe, so next week's delivery report could be more important than others."

© Provided by Fox Business Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS

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Tesla is up more than 70% year-to-date but down about 50% over a one year period.

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At Tesla’s first annual investor day in early March, the company said it had produced four million vehicles since opening. Market estimates before the upcoming report saw Tesla hit roughly 3.725 million vehicles made, implying around 275,000 produced through the first two months of the quarter, according to a Barclay’s report cited in media reports.

Reuters contributed to this report.