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02/07/24
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Tesla Stock Higher After Deliveries for Q2 Beat Consensus
On Tuesday, Tesla shares rose by over 7% after the electric vehicle maker reported the latest delivery numbers for the quarter, exceeding consensus expectations.
Tesla produced about 410,831 vehicles in the second quarter and delivered around 443,956 vehicles, more than the market consensus expectation of 439,302. The quarter saw Tesla delivering 422,405 Model 3/Y vehicles and producing 386,576.
After the news Tesla shares reached a high of $226.66.
Analysts at Wedbush believe the worst is behind Tesla and CEO Elon Musk. The firm wrote that this was a big comeback performance from Musk and Tesla, with Wall Street expecting a definite miss this quarter as EV demand globally was still choppy.
Wedbush highlighted a slight rebound in China during the quarter, as well as the stabilization of prices, which helped Tesla fight headwinds and deliver a much stronger quarter.
Wedbush analysts added they believed that the EV demand story was beginning to return to Tesla before a historical Robotaxi Day on August 8. They said that in their view, the good Q2 performance was only the appetizer to the main event, which was RoboTaxi Day on August 8.
The firm stuck to its $275 price target and Outperform rating on Tesla shares.
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