Tesla (NASDAQ:) shares rose more than 7% on Tuesday after the company announced its latest quarterly deliveries, which beat analysts’ average forecast.
In the second quarter, Tesla produced approximately 410,831 vehicles and delivered approximately 443,956, beating market analysts’ forecast of 439,302 deliveries. The company produced 386,576 Model 3/Y vehicles and delivered 422,405 of these models.
Tesla stock hit a high of $226.66 after the announcement.
Responding to the announcement, market analysts at Wedbush said the tough times for CEO Elon Musk and Tesla are behind them. “Tesla and Musk showed a significant rebound with this performance, as analysts had expected a sharp decline this quarter amid mixed global demand for electric vehicles,” the firm said.
Wedbush noted a slight increase in sales in China during the quarter, as well as stabilizing prices, which contributed to Tesla’s ability to overcome challenges and achieve a much better quarter of deliveries.
“We believe the EV demand narrative is starting to re-emerge strongly for Tesla ahead of what we see as a significant event: Robotaxi Day on August 8,” Wedbush said. “In our view, this strong second-quarter performance is just a precursor to the major event, Robotaxi Day on August 8, which will reveal more of Tesla’s autonomous driving capabilities to the financial community.”
The investment firm reiterated its positive “Outperform” recommendation and set a $275 price target for Tesla shares.
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