On June 5, 2024, a row of Tesla Supercharger stations was displayed at a Supercharger station in Los Angeles.
Mike Black | Reuters
Tesla The stock rose 10% in the previous session and gained further in premarket trading Wednesday after the company released second-quarter auto production and delivery data that beat analysts’ expectations.
The company’s shares were up 3.07% as of 06:54 AM ET, but are still down 6.93% year to date.
Tesla delivered a total of 443,956 vehicles in the second quarter, and its total production in the same period was 410,831 vehicles. Analysts had expected Tesla to deliver 439,000 vehicles in the three months ended June 30, the closest unit the automaker has disclosed, according to consensus estimates compiled by FactSet StreetAccount.
Tesla did not detail data for individual models or specific regions.
Citi analysts said in a note on Tuesday that they expected a “favorable stock price reaction” to the news.
“From here, the focus will turn to Tesla’s second-quarter vehicle gross margin to weigh the price versus cost equation,” they added. They also stressed the importance of any further updates from the company on future product launches.
Tesla will announce its second-quarter financial results on July 23.
— CNBC’s Lora Kolodny and Ganesh Rao contributed to this report.
This breaking news story is being updated.
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