Tesla shares are surging.
On Monday, shares of the electric carmaker were up as much as 8% near noon.
The rally in Tesla shares follows news from the company on Friday that it delivered 10,030 vehicles during the first quarter.
Analysts at Bank of America had expected the company to deliver about 9,500 vehicles during the quarter.
Markets were closed on Friday for the Good Friday holiday.
In its announcement, Tesla said that going forward it would release its quarterly deliveries results within three days of quarter-end going forward. In a filing with the SEC, however, Tesla cautioned that these numbers don’t really count as guidance, writing: “Also, this is only one measure of our financial performance and should not be relied on as an indicator of our quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.”
Following Friday’s announcement from Tesla, analysts were quick to celebrate the company’s new era of transparency, with Brad Erickson at Pacific Crest writing that transparency is a good side and the company’s announcement, “only reinforces our confidence in the company’s ability to sustain demand.”
Monday’s rally in Tesla also comes during what has been a rough year for the company, with shares falling about 14% year-to-date through last Thursday’s close.
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