Tesla Stock Surges as Q2 Deliveries Beat Estimates

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.

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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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.

UPDATE: This article has been updated with closing share price information, context and an updated share price chart.