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Key Takeaways
- Tesla shares jumped Tuesday morning after reporting second-quarter production and delivery numbers.
- The roughly 444,000 vehicles Tesla delivered were below last year’s mark, but still better than analysts expected.
- Tesla stock ended the second quarter on a positive note, as the EV maker looks to reverse the losses it suffered in the first half of 2024.
Tesla (TSLA) shares surged Tuesday following the release of second-quarter production and delivery numbers, which fell year-over-year but surpassed analysts’ expectations.
The electric vehicle giant delivered 443,956 vehicles in the second quarter and produced 410,831 vehicles, and announced that it will release its Q2 financial results after the bell on July 23.
Production and Deliveries Figures Lower Than Last Year, But Above Estimates
Tesla’s second-quarter figures fell from the same period last year, when it produced 479,700 vehicles and delivered 466,140, but the 443,956 deliveries reported came in ahead of analysts’ consensus of about 439,000.
After a mostly rough first half of 2024, Tesla stock started to turn around last week amid optimism for its Q2 numbers, and rose again Monday amid positive delivery figures for several of Tesla’s Chinese rivals.
Wedbush analysts wrote in a note immediately following the Q2 deliveries release that they believe “the worst is in the rear view mirror for Tesla.”
They also wrote that the second-quarter data should get investors excited for next month’s scheduled “robotaxi” event, where Tesla is set to debut its fully autonomous taxi to compete with others in the industry like 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 shares surged more than 8% to $227.50 by 10:23 a.m. ET Tuesday, their highest point since January. Still, Tesla stock down more than 8% so far this year.