- Tesla is up more than 4% Thursday.
- The company announced Wednesday that while it missed first-quarter productions targets, it expects to hit its Q2 target of 5,000 Model 3s per week.
- Tesla also said it won’t need another capital raise this year.
Tesla shares are up more than 4% at $US300 apiece Thursday morning and are testing key overhead resistance.
The gains come as shares continue to squeeze higher despite Wednesday’s announcement that Model 3 production figures missed targets. The electric-car maker produced 2,020 Model 3 vehicles in the last week of its first quarter after targeting 2,500.
Tesla said it expects to meet its second-quarter target of producing 5,000 Model 3 sedans each week and that it won’t need to raise additional capital this year, aside from “standard credit lines.”
Traders are paying close attention to the $US300 level. Tesla shares withstood several tests of that area over the past year before the recent barrage of bad news finally caused support to give way.
In late March, a Tesla Model X operating on Autopilot suffered a fatal crash, and days later CEO Elon Musk tweeted a joke about his company going bankrupt, sending shares tumbling.
Tesla is down more than 6% on the year.