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Tesla Sees Strong Q2 Electric Vehicle Demand Amid Growing Competition, Wedbush Says

05/10/2021 08:25

12:24 PM EDT, 05/10/2021 (MT Newswires) -- Tesla (TSLA) Demand for Tesla's (TSLA) electric vehicle in Q2 is looking strong amid the ongoing chip shortage, backlash in China due to recent safety concerns, as well as increasing global competition, Wedbush Securities said in a Sunday note.

The electric car maker is expected to deliver more than 200,000 units in Q2 backed by solid demand from China, potentially accounting for over 40% of global deliveries by 2022, analyst Daniel Ives said. Demand from the region also looks robust for local competitors, such as Nio Inc. (NIO), Xpeng (XPEV) and Li Auto (LI), he added.

Wedbush maintained Tesla's outperform rating and $1,000 price target.

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