Tesla Inc. (TSLA) delivered a positive surprise to investors on Tuesday, reporting second-quarter vehicle deliveries that exceeded Wall Street expectations. The electric vehicle maker’s stock surged in response, reversing recent downward trends. Tesla Q2 Vehicle Deliveries Beat ExpectationsTesla announced deliveries of 443,956 vehicles in the second quarter of 2024, surpassing the consensus estimate of 438,000.
This marks the company’s first delivery beat in four quarters and represents the widest margin of outperformance since Q4 2021. The bulk of deliveries consisted of 422,405 Model 3 and Model Y vehicles, with the remaining 21,551 comprising other models, primarily the Model S and Model X.Despite beating expectations, Tesla’s Q2 deliveries were down 4.7% compared to the same period last year when the company delivered 466,000 vehicles.
Production also saw a year-over-year decline of 14.3%, with 410,831 vehicles manufactured in Q2 2024. Notably, Tesla delivered more vehicles than it produced this quarter, partly due to vehicles in transit from the previous quarter. Tesla Stock Surges on Strong Q2 Deliveries DataThe unexpected delivery beat sent Tesla’s stock soaring, with shares up 8.23% to $227.14 as of 10:09 AM EDT on Tuesday.
This surge puts the stock on track for its highest close since January 11, 2024, and marks the sixth consecutive day of gains. The positive momentum has driven Tesla’s stock up by 55.2% since its April 22 low, despite still being down 8.60% year-to-date.Tesla’s market capitalization now stands at $724.267 billion, reflecting investor optimism about the company’s performance. The stock’s P/E ratio is 53.67, with a forward P/E of 84.75, indicating high growth expectations. Analyst price targets for Tesla range from a low of $22.86 to a high of $320.00, with the current price falling within this range. Cathie Wood’s ARK Invest expects Tesla to trade at $2,600 by 2029.More By This Author:Paramount Sees Premarket Gains Amid IAC Takeover Bid TalksShould You Buy Tesla Stock Before Firm’s Q2 Deliveries Report?GameStop Trader Keith Gill Announces 6.6% Stake In Chewy, Shares Dip
