HomeFinancial MarketsTesla Stock Jumps as EV Deliveries Beat Expectations

Tesla Stock Jumps as EV Deliveries Beat Expectations

Electric cars powerhouse Tesla shared its quarterly deliveries report on Tuesday, and the numbers were better than Wall Street analysts estimated. As a result, the company’s stock received a healthy boost of 9%.

Tesla announced it has delivered 443,956 EVs in the past quarter, beating the 439,302 units expected by analysts. The company also produced 410,831 electric cars in the same period. The majority of delivered and produced EVs were models Tesla 3 and Tesla Y.

The numbers are improving from the first quarter when Tesla managed to deliver approximately 387,000 EVs. However, it came below the same period in 2023, when the company delivered 466,140 units.

Tesla also shared that its financial results for the second quarter will be reported on July 23.

“We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months,” Citi analysts wrote in a note sent to clients.

After a positive delivery report, Tesla’s stock surged by 9% compared to Monday’s close price of $209.86 per share. At its current price of $228.74, the company’s shares are down 7.95% year-to-date but more than 50% up from April’s low.

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