Tesla Inc shares rose nearly 3% in early trade on Wednesday, with analysts still divided on the electric-car maker's chances of meeting delivery and production targets in the months ahead, after comments by Chief Executive Officer Elon Musk at an annual shareholder meeting. Musk said it was on course to deliver a targeted 360,000 to 400,000 vehicles in 2019.
The forecast made Tuesday at Tesla's annual meeting provided a ray of hope amid worries about the company's long-term prospects.
At least eight Wall Street brokerages cut their price target for Tesla in May to an average of $280.31 a share, according to Refinitiv data.
Musk said the electric-car maker's ability to expand its product lineup depends on being able to produce a large number of batteries.
"It has been a tough year for Tesla and ultimately Musk is going to put on a good show today", Dan Ives, managing director of the financial services firm Wedbush Securities, told Cheddar. We have a decent shot at a record quarter on every level.
Musk said he does expect the company to be cash-flow positive. "I don't know", Musk said.
Tesla's stock rose 3.6% to $225 in extended trading.
Despite the expansions overseas that have characterised the start of 2019, Musk also pointed out that the 90 per cent of new orders the company is taking in this quarter are from "non-reservation holders, so these are new customers". As it stands, the longest-range Model S that Tesla offers can achieve 370 miles when fully charged. "We might get into the mining business".