Tesla shares rose over 7% in premarket buying and selling on Monday, as buyers cheered manufacturing and supply figures that broadly beat expectations.

Round 6.40 a.m. Monday, shares within the firm had been up 7.44% in premarket buying and selling at $711.

Tesla on Friday reported that it delivered 184,800 vehicles and produced 180,338 cars within the first quarter of 2021. Analysts had been anticipating the corporate to ship round 168,000 autos throughout this era, in response to estimates compiled by FactSet as of April 1.

It was a record-beating quarter, topping the 180,570 deliveries the corporate recorded within the fourth quarter of final 12 months.

In a notice on Sunday, Wedbush analyst Daniel Ives upgraded Tesla to “outperform” and raised its 12-month goal value for the corporate to $1,000 from $950.

“In our opinion, the 1Q supply numbers launched on Friday was a paradigm changer and reveals that the pent-up demand globally for Tesla’s Mannequin 3/Y is hitting its subsequent stage of development as a part of a worldwide inexperienced tidal wave underway,” Ives wrote within the notice. “We now imagine Tesla may exceed 850k deliveries for the 12 months with 900k a stretch aim, regardless of the chip scarcity and numerous provide chain points lingering throughout the auto sector.”

In the meantime, in February, a filing showed that Tesla’s sales in China more than doubled last year amid the coronavirus pandemic. The electrical-car maker’s gross sales in China got here in at $6.66 billion — round a fifth of the corporate’s $31.54 billion revenues.

Regardless of a bumper 2020, it has been a troublesome 12 months for Tesla up to now, with shares down over 9% in 2021.

—CNBC’s Lora Kolodny contributed to this report.