![Tesla Stock Soars as Q2 Deliveries Exceed Expectations Tesla Stock Soars as Q2 Deliveries Exceed Expectations](/wp-content/uploads/2024/07/Screenshot-2024-07-03-182040.png)
Tesla (TSLA) shares experienced a significant surge on Tuesday, reaching their highest levels since January. This increase followed the release of second-quarter production and delivery numbers that outperformed analysts’ predictions.
Impressive Delivery and Production Figures
The electric vehicle giant announced that it delivered 443,956 vehicles in the second quarter and produced 410,831 vehicles. Although the delivery figure showed a 5% decline compared to the second quarter of 2023, it still surpassed the analysts’ consensus estimate of approximately 439,000.
Tesla. “Tesla Vehicle Production & Deliveries and Date for Financial Results & Webcast for Second Quarter 2024.”
Tesla emerged as the top performer on the S&P 500 for the second straight day on Tuesday, with shares climbing 10.2% to close at $231.26. Despite this recent rally, the stock has risen 17% over the past two sessions but remains down about 7% year-to-date.
Upcoming Earnings and Robotaxi Event
Following a challenging first half of 2024, Tesla’s stock began to rebound last week amid optimism for its quarterly performance. The positive delivery figures from several of Tesla’s Chinese competitors also contributed to this upward momentum on Monday.
Wedbush analysts noted in a report immediately after the release of the delivery numbers that they believe “the worst is behind Tesla.”
They also mentioned that the second-quarter data should generate excitement among investors for the upcoming “robotaxi” event scheduled for next month. At this event, Tesla is expected to unveil its fully autonomous taxi, aiming to compete with industry players like Alphabet’s (GOOGL) Waymo.
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“We continue to see Tesla more as an AI and robotics play rather than a traditional car manufacturer,” Wedbush analysts commented. “Now, the focus shifts to August 8th, which is anticipated to be a pivotal day for Tesla’s narrative.”
Tesla also announced on Tuesday that it will release its second-quarter financial results after the bell on July 23.