Updated at 9:40 AM EDT
Tesla shares jumped in early Tuesday trading after the carmaker topped Wall Street forecasts with its second-quarter delivery figures.
Tesla (TSLA) delivered 443,956 new cars over the three months ended in June, the company said, down 4.7% from the same period last year and around 8.4% south of the record 484,507 tally reached over the three months ended in December.
Analysts’ forecasts for deliveries ranged from 425,000 to around 440,000, with LSEG data pegging the June-quarter target at around 438,000 units.
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Tesla delivered 422,405 units of its Model 3 sedan and Model Y midsize SUV, as well as 21,551 units of its higher-priced Model S sedan and Model X full-size SUV, the report indicated.
Production fell 14.3% to 410,831 vehicles, thanks in part to tight supply chains and closures at its Gigafactory in Berlin. Model 3/Y production was pegged at 386,576 units with Model S/X and “other model” output at 24,255 units.
Elon Musk warned investors earlier this year that overall deliveries would be “notably lower” than 2023 levels.
“In a nutshell, the worst is in the rear view mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on August 8,” said Wedbush analyst Dan Ives.
“While its been a difficult period for Tesla and the company has been through some significant cost reductions (roughly 10%-15%) to preserve its bottom line/profitability, it appears better days are now ahead as the growth story returns.” he added
Tesla’s China sales were disappointing, with data from the China Passenger Car Association Tuesday showing that June sales were down 24.2% from the year-earlier levels at 71,007 units.
That figure took the Q2 tally in China to 205,747 vehicles, which represents a 17% slide from the year-earlier period.
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Tesla shares were last marked 5.2% higher in early Tuesday trading following the delivery data to change hands at $220.78, a move that would trim the stock’s 2024 decline to around 10.5%.
Tesla is slated to report its second-quarter earnings on July 23.
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