Tesla (TSLA) shares surged Tuesday to their highest levels since January following the release of second-quarter production and delivery numbers that surpassed analysts’ expectations.
The electric vehicle giant said it delivered 443,956 vehicles in the second quarter and produced 410,831 vehicles. While the deliveries figure was down 5% compared with the second quarter of 2023, it came in ahead of analysts’ consensus of about 439,000.12
Telsa was the biggest gainer on the S&P 500 for the second consecutive day Tuesday, with shares rising 10.2% to close at $231.26. The stock has gained 17% over the past two sessions, but is still down about 7% since the start of the year.
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Earnings and Robotaxi Event Coming Up
After a mostly rough first half of 2024, Tesla stock started to turn around last week amid optimism for its quarterly 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 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 such as 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 also announced Tuesday that it will release its second-quarter financial results after the bell on July 23
Jumps as Deliveries Beat Expectations by a Wide Margin
Shares of Tesla Inc. rose more than 10% Tuesday after the electric-vehicle giant surprised investors by reporting second-quarter deliveries that beat expectations.
It was the first beat in four quarters, and the margin of the beat was the widest since the fourth quarter of 2021, according to FactSet data.
Tuesday’s close was the stock’s TSLA, +10.20% highest since Jan. 10, when it closed at $233.94, and its largest one-day percentage increase since April 29, when it gained 15%. The stock is up six straight sessions, gaining nearly 27% in the period.
Tesla said it delivered 443,956 vehicles during the second quarter, down 4.7% from a year ago but 1.8% above the FactSet consensus of 436,000 vehicles.
Tesla said its second-quarter deliveries included 422,405 Model 3s and Model Ys.
It was “an encouraging outcome vs. expectations both on the demand and supply sides,” Citi analyst Itay Michaeli said in a note Tuesday. “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.”
Just before the deliveries data was released, the stock was down 1.7% in premarket trading amid concerns that deliveries would miss expectations. The concerns were heightened after data released overnight showed that Tesla’s sales of EVs in China in June tumbled 24% from a year ago and were down 2.2% from May, according to a Dow Jones Newswires report.
The company also said Tuesday that it produced 410,831 EVs during the second quarter, down 14.3% from a year ago.
Heading into the release, Wall Street had broadly cut its expectations, Stifel analyst Stephen Gengaro said. Tesla’s “solid beat” was likely fueled by its revamped Model 3, Gengaro said in his note.
Tesla said it will report full second-quarter results on July 23, after the market close. The company has scheduled a call with analysts at 5:30 p.m. Eastern that day to discuss the results.
The company also has scheduled a “Robotaxi day” on Aug. 8. Baird analyst Ben Kallo said in a note Tuesday that he has fielded many questions from investors about the event.
“Several variables still remain such as how [Tesla] will charge for the service, vehicle uptime, costs associated with paying drivers for using their vehicles in the fleet, etc.,” he said. ”We expect [Tesla] will defer speaking on these and other details until the unveiling event.”
Tesla’s stock has been on a tear over the past couple of months. It has now rocketed 55.2% since it closed at a 15-month low of $142.05 on April 22.
It has rallied 32.3% over the past three months, compared with the 5% gain in the S&P 500 index SPX over the same period.
