Tesla stocks skyrocket 10% as Q2 sales outperform predictions
Tesla's share price soared over 10% on Tuesday, reaching its highest level since January. This surge was prompted by the electric vehicle manufacturer's auto deliveries surpassing analyst estimates, ending the day 10.20% higher at $231.26. Despite a year-on-year sales decrease of 4.7%, Tesla's Q2 deliveries showed an improvement from the first quarter, with approximately 443,956 vehicles delivered worldwide against Wall Street's average estimate of 439,302 vehicles.
Tesla sold 33,000 more EVs than it produced in Q2
Tesla's Q2 sales included 422,405 units of Model 3 and Model Y vehicles. However, the company did not provide a detailed breakdown of other auto deliveries. The quarter's production was reported at 410,831 vehicles, marking a 14% decrease from the same period last year. This figure includes 386,576 Model 3 and Model Y autos produced in Q2. Despite this decrease in production, Tesla sold over 33,000 more vehicles than it produced in the second quarter.
Tesla retains top spot in global EV sales
In the first half of the year, Tesla sold a total of 830,766 electric vehicles (EVs) worldwide, outperforming China's BYD which sold 726,153 EVs. This sales performance occurred despite increased competition from both established and startup automakers and a global slowdown in demand for EVs. Tesla remains the world's top-selling electric vehicle maker for now but BYD is on track to overtake the Elon Musk-led company in EV sales this year, as per a Counterpoint Research report.
Since last month, Tesla shares have jumped more than 30%
Despite a nearly 7% fall in Tesla's stock price this year, it has managed to recover major losses from previous months. Since hitting a 52-week low in April, Tesla shares have risen by more than 60%. Over the past month alone, the company's shares have jumped more than 30%. The company is expected to post its second-quarter earnings on July 23.
