Tesla (NASDAQ:TSLA) shares jumped by more than 7% Tuesday after the electric vehicle giant reported its latest quarterly delivery numbers, topping consensus expectations.
In the second quarter, Tesla produced approximately 410,831 vehicles and delivered approximately 443,956 vehicles, above the analyst consensus expectation of 439,302 deliveries. The quarter saw Tesla produce 386,576 Model 3/Y vehicles, delivering 422,405.
Tesla shares hit a high of $226.66 on the news.
Reacting to the news, analysts at Wedbush said the worst is behind CEO Elon Musk and Tesla. “This was a huge comeback performance from Tesla and Musk, with the Street expecting a clear miss this quarter with EV demand still choppy globally,” wrote the firm.
Wedbush highlighted a “mini rebound” in China during the quarter, as well as pricing stabilization, which helped Tesla battle headwinds and deliver a much stronger delivery quarter.
“We believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on August 8th,” added Wedbush. “This good 2Q performance is just the appetizer to the main event in our view, which is RoboTaxi Day on August 8th to unleash the next part of the Tesla autonomous story with all the Street watching.”
The investment firm maintained its Outperform rating and $275 price target on Tesla shares.
