(News Bulletin 247) – The American electric vehicle specialist jumped on Wall Street as its vehicle deliveries were higher than expected in the second quarter.

Tesla’s vehicle deliveries are a closely watched indicator for investors. In the second quarter, the American electric vehicle specialist delivered a total of 443,956 vehicles, compared to 466,140 in the same period of 2023, reflecting a decline of 4.8%.

But the market reacted positively to the news, with the stock gaining 5.4% at the opening of the American markets. By clearly exceeding expectations, Tesla pleasantly surprised the markets after a nightmare first quarter. According to Dan Ives, an analyst at Wedbush, analysts on average had expected 438,000 deliveries in the second quarter.

“This is a strong comeback for Tesla and Musk, as analysts were expecting a bitter failure for this quarter, with demand for electric vehicles still in flux globally,” the analyst continued.

An “appetizer”

“It appears that China experienced a ‘mini-rebound’ during the quarter, along with a stabilization in prices that helped Tesla fight off headwinds and deliver a much stronger quarter of deliveries than even the most optimistic investors expected,” notes Dan Ives, who believes that “the worst is in the rearview mirror for Tesla.”

According to the analyst, demand for electric vehicles is starting to pick up for Tesla. Which bodes well as we approach a historic day, Robotaxi Day, on August 8, says Dan Ives.

“This good second-quarter performance is just an appetizer before the main event, namely the Robo-Taxi Day on August 8, which will mark the beginning of the next stage of Tesla’s autonomous car story, before the eyes of all investors,” the analyst adds.