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Tesla stock soars on positive expectations for Q2 delivery figures

EV Leader Expected to Deliver 435,000 Vehicles in Q2 2034

Key Points

  • Tesla stock surged on Monday on anticipation of strong Q2 delivery numbers (close to 435,000 vehicles).
  • Analysts believe recovering Chinese demand is a key factor.
  • Tesla’s upcoming robotaxi unveiling on August 8 is seen as a potential catalyst for the stock.
  • Chinese EV makers Nio, Li Auto, and XPeng also reported strong deliveries.
  • Tesla stock is still down about 14% year-to-date.

 

Tesla (TSLA) shares soared on Monday, driven by positive expectations that the electric vehicle (EV) manufacturer will report robust second-quarter delivery figures on Tuesday.

Analysts at Wedbush Securities, led by bullish analyst Dan Ives, noted a “mini rebound” in Chinese demand for Tesla vehicles in the second quarter, which they believe will help the company approach 435,000 deliveries for the period, according to Investopedia.

Also Read: Tesla’s Plan to Join S&P 500 Lifts Investors’ Hope

The current consensus from Visible Alpha is just under 439,000 deliveries, with Tesla having reported nearly 387,000 deliveries in the first quarter.

On Monday, Tesla’s shares were the top performer on the S&P 500, climbing 6.1 per cent to close at $209.86. Despite this surge, the stock remains down about 15 per cent since the beginning of the year.

Also Read: Tesla: Norway’s Oil Fund to Deny Elon Musk $56bn Pay Package

Upcoming Robotaxi Unveiling Seen as Major Tesla Catalyst

The analysts also highlighted a significant upcoming event for Tesla: the expected unveiling of a driverless robotaxi on August 8. This event is anticipated to be a major catalyst for the company.

The analysts believe that autonomous vehicles and Tesla’s full self-driving feature could help the automaker reclaim a $1 trillion market valuation.

Wedbush has maintained its “outperform” rating on Tesla with a price target of $275. The firm’s “bull-case” price outlook for the stock is $350 by 2025.

In related news, Chinese EV manufacturers Nio (NIO), Li Auto (LI), and XPeng (XPEV) released their monthly and quarterly delivery numbers on Monday, all showing solid gains. The American depositary receipts (ADRs) of these companies also saw an increase in recent trading.

Despite Monday’s gains, Tesla shares are down about 14 per cent year-to-date.

Samuel Bolaji

Samuel Bolaji holds a Master of Letters in Publishing Studies from the University of Stirling, Scotland, United Kingdom, and a Bachelor of Arts in English from the University of Lagos, Nigeria. He is an experienced researcher, multimedia journalist, writer, and Editor. He is currently the Editor of Arbiterz.

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