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Tesla Surges Over 10% After Beating Quarterly Delivery Expectations
Jul 2, 2024 9:12 PM - Davit Kirakosyan(Last modified: Jul 3, 2024 3:05 AM)
Image credit: FMP
Tesla (NASDAQ:TSLA) saw its shares surge over 10% on Tuesday following the announcement of its latest quarterly delivery figures, which surpassed Street expectations.
In Q2, Tesla produced around 410,831 vehicles and delivered approximately 443,956 vehicles, exceeding the Street estimate of 439,302 deliveries. Specifically, Tesla produced 386,576 Model 3/Y vehicles and delivered 422,405 of them.
Analysts at Wedbush responded positively, stating that CEO Elon Musk and Tesla have overcome a significant challenge. They noted that the Street had anticipated a clear miss for the quarter due to fluctuating global EV demand. However, Tesla's performance defied these expectations.
Wedbush pointed to a "mini rebound" in China during the quarter and stabilized pricing, which contributed to Tesla's strong delivery numbers despite facing various headwinds.
The firm also emphasized the importance of the upcoming Robotaxi Day on August 8th, which they believe will be a pivotal moment for Tesla's autonomous vehicle narrative. Wedbush maintained its Outperform rating and set a $275 price target for the shares.
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