Tesla beat delivery expectations in Q2 2024, delivering 443,956 vehicles, including 422,405 Model 3 and Model Y units. This marks a 14.8% increase from Q1 2024 but a 4.8% decrease from Q2 2023, according to MarketWatch.
The delivery beat comes after a challenging first quarter involving price cuts, layoffs, and a recall, alongside questions about CEO Elon Musk’s compensation. Tesla will release its Q2 earnings on July 19, with an earnings call at 5:30 ET.
Analysts, including Wedbush Analytics, responded positively, raising their price target and calling the report a “major turning point.” They cited global demand stabilization for EVs, particularly in China, predicting Tesla will reach an annual trajectory of 2 million units in the coming quarters.
Tesla shares closed up 10% at $231.26 on Tuesday, continuing a rally that began in June.