TSLA - Why Tesla Stock Continued to Surge Higher Today
2024-07-02 11:27:50 ET
Reports of the demise of electric vehicle (EV) sales appear to have been exaggerated. At least that's the conclusion that investors are drawing after Tesla (NASDAQ: TSLA) reported its second-quarter EV delivery numbers today.
After the EV leader reported stronger-than-anticipated vehicle deliveries, Tesla shares led the S&P 500 gainers for the second straight day. As of 10:55 a.m. ET, the stock was up by 8.6% after jumping by more than 6% yesterday. Tesla stock was a beneficiary yesterday ahead of its report after several Chinese EV makers reported strong sales data. But there was even more to like than most anticipated from Tesla's update today.
Tesla delivered nearly 444,000 EVs in the second quarter. Investors had been reducing expectations throughout the period resulting in a consensus estimate of 439,000 units, according to FactSet . The reported figure was almost 5% lower than the year-ago period, but there were some positive facets of the report that investors may be focused on.
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Why Tesla Stock Continued to Surge Higher Today