Another day, another gain for the stock of electric car maker Tesla. The company’s shares recorded a marginal jump of 0.56% on Monday, extending their streak of gains to nine days.
After hitting a 52-week low at $142.05 in April, Tesla’s stock started a steady recovery before catching fire in July. It currently sits at $252.94 per share, completely erasing the downfall from the start of the year and then some.
Tesla had a rough start in 2024, struggling with a lowering demand for its vehicles. The company made several moves to cut costs and improve its position, including job cuts and lowering the prices of several models to boost sales and be better positioned against rising competition.
The most recent rally can be attributed to better-than-expected delivery results that the company unveiled. Tesla delivered 443,956 EVs in the second quarter, while the analysts expected 439,302 units to be delivered. The electric cars market overall had a good quarter, with other EV makers like Rivian and Lucid sharing promising delivery reports.
Additionally, there has been optimism among investors about the company’s energy business as well as the upcoming introduction of robot taxis. Tesla’s CEO Elon Musk previously reported that robot taxis will be unveiled on August 8th.