Tesla’s stock continued to rally after the electric vehicle-maker reported better-than-expected deliveries for the second quarter of 2024.
The company’s shares were up around 2.3% during pre-market trading Wednesday morning. The EV-maker’s stock was previously up 10% after beating analyst expectations with its production and delivery numbers.
Between April and June, Tesla said it sold 422,405 Model 3 compact cars and Model Y SUVs, as well as 21,551 other EVs, which include the Model X crossover SUV, Model S sedan, and its electric pickup Cybertruck that was released in November. In the second quarter, Tesla delivered a total of 443,956 EVs, compared to 446,000 units the previous year — an almost 5% decrease. Wall Street had expected Tesla to report deliveries of around 436,000, according to estimates on FactSet.
Tesla also reported making less EVs in the second quarter this year compared to the previous year. The company reported making 388,576 Model Y and Model 3 units, as well as 21,551 units of all other models, totaling 410,831 units. Last year, Tesla reported making 479,700 units in the same quarter.
“In a nutshell, the worst is in the rear view 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 August 8th,” Wedbush Securities analyst Dan Ives said in a note on Tuesday.
Meanwhile, analysts at Citi said Tuesday they expected a “favorable share price reaction” after Tesla’s report, CNBC reported. Tesla’s shares are down almost 7% year-to-date, but have improved since earlier this year when the company was one of the worst performers in the S&P 500.
-William Gavin contributed to this article.