Tesla nasdaq Tsla Stock Soars to 2024 Highs Following Strong Q2 Delivery Numbers

Tesla (NASDAQ: TSLA) Stock Soars to 2024 Highs Following Strong Q2 Delivery Numbers

On Tuesday, Tesla (NASDAQ: TSLA) stock jumped to its highest level since January on better-than-expected second-quarter production and delivery numbers.

Tesla recently announced robust second-quarter delivery numbers. The company said it delivered 443,956 vehicles and produced 410,831 units. The delivery figure represents a 5% decline compared to the second quarter of 2023. However, it beat analysts’ consensus of about 439,000.

These positive delivery figures sparked significant investor enthusiasm, propelling TSLA stock to become the top gainer on the S&P 500 for the second consecutive day on Tuesday. Tesla shares surged by 10.2%, closing at $231.26. Over the past two sessions, TSLA stock has gained 17%, signaling a turnaround from earlier declines this year, though it remains down approximately 7% year-to-date.

Wedbush analysts expressed optimism immediately following the delivery report, stating that “the worst is in the rearview mirror for Tesla.” They highlighted the second-quarter data as a positive indicator, particularly with the upcoming ‘robotaxi’ event, slated for August 8, where the company will debut its fully autonomous taxi. This event will position Tesla as a strong competitor in the autonomous vehicle industry alongside companies like Alphabet’s (GOOGL) Waymo.

In addition, Wedbush analysts emphasized Tesla’s position as a leader in AI and robotics, stating, 

“We continue to believe that Tesla is more of an AI and robotics play than a traditional car company.”

They also highlighted the importance of the upcoming August 8th event, calling it a “key linchpin day for the Tesla story.”

Moreover, Tesla announced that it will release its second-quarter financial results after the market closes on July 23.

Tesla (NASDAQ: TSLA) Stock Price Action

TSLA stock surged 10.20% on Tuesday, closing at $231.26, marking a 23.44% increase for the week. The trading volume was 205,047,920 shares, significantly higher than the average daily volume of 90.47 million.