Tesla Flies in Face of BMW i3

Tickers in this article: TSLA

NEW YORK (TheStreet) -- Tesla Motors shares continued at a torrid pace, gaining 3.52%‎ to $133.95 despite news BMW is entering the electric vehicle space, announcing the i3.

BMW announced the i3, launching it in in New York, London and Beijing to much fanfare.

There had been some speculation that Tesla, maker of the popular Model S, would see some pullback on news of another entrant into the electric vehicle space. So far, that doesn't appear to be happening, as Tesla and its investors continue to ride the wave of enormous popularity seen for the Model S.

On its first-quarter earnings, Tesla announced it was raising its global guidance for Model S deliveries this year, saying it now expects to deliver about 21,000 vehicles for 2013, up from its prior goal of 20,000.

The Elon Musk-led company reports second-quarter earnings August 7. Analysts polled by Thomson Reuters are looking for Tesla to lose 17 cents per share on $393.67 million in revenue.

Tesla has been one of the best performing stocks on the Nasdaq this year, having gained 295% year-to-date. The Palo Alto, Calif.-based automobile company was recently added to two Nasdaq indexes, the NASDAQ-100 Index, as well as the NASDAQ-100 Equal Weighted Index.

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--Written by Chris Ciaccia in New York

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