Tesla shares surge as second-quarter deliveries beat Wall Street expectations
Tesla shares surged nearly 10% T𒈔uesday after🎶 billionaire Elon Musk’s firm reported better-than-expected vehicle delivery numbers in the second quarter.
The company delivered a total of 443,956 cars — a figure that marked a 4.8% decline from the same period one year ago.
However, deliveries were still better than the🦹 consensus est🙈imate of 439,000, according to FactSet data.
Teslꦜa’s flagship Model 3 Sedan and Model Y SUV comprised the overwhelmingly bulk of deliveries.
Othe🥀r models, including the futuristic Cybertruck pickup, came in at just over 21,000 deliveries.
The sales 🦹slump slꩲowed down compared to the first quarter, when Tesla deliveries sank 8.5% year-over-year.
Tesla’s unexpected beat on delꦉiveries marked a “huge comeback performance” for the firm ahead of a pivotal August event in which it is expected to detail🌟 its plans for self-driving cars, Wedbush analyst Dan Ives said in a note to clients.
“In a nutshell, the worst is in the rear-vieꩵw mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on Aug. 8,” Ives said.
In mid-morning t꧟radin𝄹g, Tesla was up 8.75%, at $228.14 per share.
Tesla has struggled throughout the year as it faces inc🌃reased competition from the likes of Chinese firm BYD, as well as lukewarm consumer demand for💝 electric vehicles.
The company has relied on sales p🔥romotions and price cuts in its bid to boost💎 sales, which have cut into its margins.
At the same time, Tesla has contended with issues related to the ongoing rollout of its futuristic Cybertruck pickup. The company recently issued a pair of physical recalls to address issues with its winds🎶hield wiper and triꦆm.
In January, Tesla warned investors that it expected✨ “notably lower” delivery growth for the year. The company also nixed a goal of shipping 20 million vehicles per year by 2🍌030 in its annual impact report in May.
Despite the recent headaches, Tesla still leads rivals in global electric vehicle sales despite briefly losi🔯ng that title tওo BYD last year.
Musk’s firm will provide its full second-quart꧒er result𒁃s on July 23.
With Post wires