Tesla shares pop on better-than-expected delivery numbers
Tesla Motors Inc
$246.39
12:00 03/07/24
Tesla shares were rising on Tuesday, after it reported a smaller-than-expected decline in vehicle deliveries for the second quarter on the back of strategic price cuts and incentives designed to boost demand.
Nasdaq 100
20,186.63
11:06 03/07/24
The electric vehicle manufacturer delivered 443,956 vehicles between April and June, marking a 4.8% decrease compared to the same period last year, but a 14.8% increase from the first quarter of this year.
According to Reuters, analysts surveyed by LSEG had anticipated 438,019 deliveries.
The deliveries included 422,405 Model 3 and Model Y cars, and 21,551 units of other models such as the Model S, Cybertruck, and Model X.
During the same period, Tesla produced 410,831 vehicles.
Tesla's aggressive pricing strategy, which started over a year ago, included discounts and incentives like low-interest loans and affordable leasing options in markets such as the United States, China and Europe, Reuters said.
At 0947 EDT (1447 BST), shares in Tesla were up 5.51% on the Nasdaq at $221.46.
Reporting by Josh White for Sharecast.com.