Tesla (TSLA) shares surged to their highest levels since January following the release of second-quarter production and delivery numbers that exceeded analysts’ expectations.
The company reported robust performance, which significantly boosted investor confidence and drove up the stock price.
The electric vehicle giant reported delivering 443,956 vehicles in the second quarter and producing 410,831 vehicles. While deliveries were down 5% compared to the same quarter in 2023, they exceeded analysts’ expectations of around 439,000.
Tesla was the biggest gainer on the S&P 500 for the second consecutive day on Tuesday, with shares rising 10.2% to close at $231.26. The stock has gained 17% over the past two sessions but remains down about 7% since the beginning of the year.
Tesla
After a mostly rough first half of 2024, Tesla stock began to rebound last week due to optimism about its upcoming quarterly numbers.
The stock continued its rise on Monday, driven by positive delivery figures reported by several of Tesla’s Chinese rivals.
Wedbush analysts wrote in a note following the deliveries release that they believe “the worst is in the rear view mirror for Tesla.”
They also mentioned that the second-quarter data should excite investors for next month’s scheduled “robotaxi” event, where Tesla is set to debut its fully autonomous taxi to compete with others in the industry, such as Alphabet’s (GOOGL) Waymo.
“We continue to believe that Tesla is more of an AI and robotics play than a traditional car company,” Wedbush analysts wrote. “Now the rubber meets the road as the Street anticipates August 8th as a key linchpin day for the Tesla story.”
Tesla also announced Tuesday that it will release its second-quarter financial results after the bell on July 23.
