Shares in Tesla Motors touched a nearly six-month high Friday after the automaker received a large number of preorders for its entry-level electric car due out in late 2017.

Despite a rising number of “sell” recommendations from equity researchers in the past year, investors were as eager to snatch up shares Friday as customers were to lay down $1,000 deposits. The company will soon report its first quarter sales figures.

CEO Elon Musk announced around noon Friday on his Twitter account that Tesla received 198,000 refundable deposits, putting its revenue collected since early Thursday at $198 million. The total value of the reservations tops $8.5 billion, assuming no cancellations or refunds. Tesla wants to deliver 500,000 cars a year by 2020. The company has sold about 126,000 cars since 2008… see more

source: ibtimes