Tesla Inc. made its first deliveries of cars worked in China on Monday, denoting another achievement for the electric-car organization that saw its stock soar to record highs a week ago.
“Tesla will deliver the first China-made Model 3 at Gigafactory 3 plant in Shanghai TODAY,” the organization said in a tweet. “The 15 customers who are slated to get their Model 3s first are Tesla employees.”
A delivery ceremony was held at the facility later in the day.
The Shanghai gigafactory is Tesla’s first outside the U.S. and is relied upon to significantly help sales in China, which Tesla believes could become the biggest market for its lower-priced Model 3 vehicle. Tesla plans to before long be delivering 1,000 cars seven days at the facility, eventually ramping up to an annual production of 150,000 vehicles a year.
On Thursday, Tesla TSLA, – 0.13% affirmed in an SEC filing that it has verified local loans of up to 9 billion yuan — generally $1.3 billion — to help total the gigafactory and an unsecured revolving loan facility of up to 2.25 billion yuan with local Chinese lenders.
Tesla shares have been on a tear since reporting in October a surprise third-quarter profit, surging 77% from that point forward. A week ago, Wedbush analyst Daniel Ives raised his stock-price target by $100 to $370, projecting healthy growth ahead.
Shares shut Friday above $430, and are up 29% year to date, coordinating the S&P 500’s SPX, +0.00% gain.
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