Current:Home > reviewsTesla stock climbs as Q2 vehicle deliveries beat expectations for first time in year -Wealth Momentum Network
Tesla stock climbs as Q2 vehicle deliveries beat expectations for first time in year
View
Date:2025-04-11 23:03:28
Tesla beat delivery expectations in the second quarter of 2024 Tuesday, recovering from a disappointing first quarter.
The electric car giant reported that it delivered 443,956 vehicles in the quarter with 422,405 of those being either the Model 3 or Model Y.
The delivery total was up 14.8% from the first quarter of 2024 but down 4.8% from the second quarter in 2023. The delivery figures are the first beat in four quarters, according to MarketWatch.
The delivery beat provided much needed tailwinds for the company after a first quarter that saw price cuts, layoffs and a recall that gave investors their first glimpse into the sales of the Cybertruck and a second quarter that was dominated by questions around CEO Elon Musk's compensation package.
Tesla announced that its second quarter earnings will be released after market close on July 19 with its earnings call set for 5:30 ET the same day.
Analysts bullish after Tesla delivery beat
Some business analysts were buoyed by the delivery beat with Wedbush Analytics raising their price target for the stock and saying the report was a "major turning point."
"With the majority of price cuts in the rear-view mirror and demand stabilization globally for EVs especially in China, we believe Tesla's march towards 2 million units annual trajectory should be reached over the coming quarters with clear momentum and easier comps for 2025," Wedbush said.
Tesla stock bounces on beat
Tesla's shares rallied Tuesday closing up 10% at $231.26 per share, continuing a rally that began in June.
veryGood! (58168)
Related
- What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
- Court upholds town bylaw banning anyone born in 21st century from buying tobacco products
- Mistrial declared in fired Penn State football team doctor’s lawsuit over 2019 ouster
- A look at standings, schedule, and brackets ahead of 2024 ACC men's basketball tournament
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- OSCARS PHOTOS: Standout moments from the 96th Academy Awards, from the red carpet through the show
- Rangers' Matt Rempe kicked out of game for elbowing Devils' Jonas Siegenthaler in head
- New York Yankees ace Gerrit Cole to get MRI on pitching elbow
- Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
- Louisiana lawmakers set out on a clear path for conservative priorities
Ranking
- DoorDash steps up driver ID checks after traffic safety complaints
- Suspected shooter, driver are in custody in Philadelphia bus stop shooting that injured 8 teens
- Kirk Cousins leaves Vikings to join Falcons on four-year contract
- Kirk Cousins leaves Vikings to join Falcons on four-year contract
- Current, future North Carolina governor’s challenge of power
- Biden and Trump could clinch nominations in Tuesday’s contests, ushering in general election
- Drugstore worker gets May trial date in slaying of 2 teen girls
- What is the most Oscars won by a single movie?
Recommendation
From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
Oscars got it right: '20 Days in Mariupol,' 'The Zone of Interest' wins show academy is listening
LinkedIn goes down on Wednesday, following Facebook outage on Super Tuesday
Social Security benefits could give you an extra $900 per month. Are you eligible?
'Most Whopper
JoJo Siwa Warns Fans of Adult Content and Sexual Themes in New Project
Florida teachers can discuss sexual orientation and gender ID under ‘Don’t Say Gay’ bill settlement
Yamaha recall: More than 30,000 power adaptors recalled over electrocution risk