Tesla Shocks the Market: Q2 Delivery Ramp-Up Propels Stock Up by 9%
The electric vehicle giant, Tesla, has once again outperformed market expectations, delivering a stunning performance in Q2 2024. The company produced around 411,000 vehicles and delivered close to 444,000, leaving analysts in its wake as predictions had pegged deliveries at 439,000 according to FactSet StreetAccount. The news sent Tesla’s stock into overdrive, climbing by 9.3% to $229.42 per share, a staggering 27.15% jump over the past month.
Breaking Down the Numbers
Despite a 4.8% year-over-year decrease from the same quarter last year, this quarter saw a 14.8% rise compared to Q1 2024. This bumper Q2 meant Tesla didn't just hit targets; it exceeded them. A whopping 9.4 GWh of energy storage products were deployed, marking the highest quarterly deployment in Tesla's history.
The majority of this success came from Tesla’s popular models, the Model 3 and Model Y. The company produced 386,576 units of these two models, and deliveries totaled 422,405 units, with a small fraction (~2%) subject to operating lease accounting. Other models contributed with 24,255 units produced and 21,551 units delivered, also with a fractional leasing component (~1%).
Tesla strong 2Q deliveries of 444k nicely ahead of whisper numbers of 420k and Street 438k. In a nutshell, the worst is in the rearview mirror as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day Aug 8🐂🔥🍿
— Dan Ives (@DivesTech) July 2, 2024
A Milestone Achievement
Breaking barriers, Tesla has delivered over 6 million electric vehicles since inception. In Q2 alone, Tesla outpaced China's BYD, reclaiming its throne as the global EV leader. This is a particularly notable achievement given the fiercely competitive market dynamics.
But Tesla isn't stopping there. The company is gearing up for a highly anticipated Robotaxi Day on August 8, 2024, and it's clear that Tesla’s momentum shows no signs of slowing. With a market cap now sitting at $731 billion, Tesla is closing in on the top 10 largest stocks worldwide, a tantalizingly close $100 billion short of joining the ranks.
What’s Next for Tesla?
All eyes are now on Tesla's upcoming financial results for Q2 2024, due to be released after market close on Tuesday, July 23, 2024. Prepare for an industry-shaking update as Tesla’s management will provide insights during a live Q&A webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time). Investors and enthusiasts alike are eagerly waiting to see what Tesla’s next move will be.
In conclusion, Tesla's Q2 2024 performance reflects a solidifying market leadership and strategic foresight, positioning the company for further industry dominance. Stay tuned as Tesla continues to disrupt the automotive world, one electric vehicle at a time.