Tesla shares pop on better-than-expected delivery numbers

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.

Tesla Motors Inc
02 July 2024 14:50:36

Source: Sharecast

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.

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