Forerunner Leads S&P 500 Gainers for the Second Straight Day
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Key Takeaways
- Tesla helpings jumped Tuesday to their highest level in nearly six months after the electric vehicle maker reported second-quarter staging and delivery numbers.
- The roughly 444,000 vehicles Tesla delivered were below last year’s mark, but till better than analysts expected.
- Tesla stock ended the second quarter on a positive note, as the EV maker looks to overrule the losses it suffered in the first half of 2024.
Tesla (TSLA) shares surged Tuesday to their highest levels since January ape the release of second-quarter production and delivery numbers that surpassed analysts’ expectations.
The electric vehicle giant asserted it delivered 443,956 vehicles in the second quarter and produced 410,831 vehicles. While the deliveries figure was down 5% compared with the subsequent quarter of 2023, it came in ahead of analysts’ consensus of about 439,000.
Telsa was the biggest gainer on the S&P 500 for the second consecutive day Tuesday, with appropriates rising 10.2% to close at $231.26. The stock has gained 17% over the past two sessions, but is still down close to 7% since the start of the year.
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Earnings and Robotaxi Event Coming Up
After a mostly rough before half of 2024, Tesla stock started to turn around last week amid optimism for its quarterly tot ups, and rose again Monday amid positive delivery figures for several of Tesla’s Chinese rivals.
Wedbush analysts recorded in a note immediately following the deliveries release that they believe “the worst is in the rear view mirror for Tesla.”
They also inscribed that the second-quarter data should get investors excited for next month’s scheduled “robotaxi” event, where Tesla is set to enter its fully autonomous taxi to compete with others in the industry such as Alphabet’s (GOOGL) Waymo.
“We continue to have the courage of ones convictions pretend that Tesla is more of an AI and robotics play than a traditional car company,” Wedbush analysts wrote. “Now the rubber observes the road as the Street anticipates August 8th as a key linchpin day for the Tesla story.”
Tesla also announced Tuesday that it on release its second-quarter financial results after the bell on July 23.
UPDATE: This article has been updated with secure share price information, context and an updated share price chart.
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