Tesla (NASDAQ:TSLA) shares jumped more than 6% pre-market today after the electric vehicle (EV) leader exceeded Wall Street expectations in Q2 deliveries due to price reductions.

In the quarter, Tesla delivered more than 466,000 vehicles, surpassing the Street estimate of 448,350 deliveries. The company also produced close to 480,000 vehicles.

Breakdown of production and deliveries for specific models: Model 3/Y had 460,211 produced and 446,915 delivered, while Model S/X had 19,489 produced and 19,225 delivered.

Following the announcement, JPMorgan raised its price target on Tesla to $120.00 from $115.00 while maintaining an Underweight rating.