Tesla's Q2 deliveries exceed Wall Street's expectations

Tesla defied Wall Street's subdued expectations by delivering a robust 443,956 vehicles in the second quarter of 2024. This figure surpassed the consensus estimate of 438,000 deliveries.

Tesla's Q2 result showed production slightly lagging behind deliveries at 410,831 vehicles. The company attributed this disparity to a considerable number of vehicles in transit at the end of the previous quarter. The breakdown of deliveries revealed that Model 3 and Model Y remained the bestsellers, accounting for the majority of the nearly 444,000 vehicles delivered.

Apart from automotive manufacturing, Tesla's energy storage deployment reached an all-time high of 9.4 GWh.

Tesla's Q2 delivery beat was the largest in over two years, defying the prevailing market sentiment and restoring investors' confidence. The company's lineup adjustments, including the introduction of a new long-range rear-wheel-drive Model Y and promotional interest rates, coupled with robust sales in China, played a pivotal role in this unexpected success.

The positive Q2 delivery figures sparked a rally in Tesla's stock price, which surged by 8.8% by time of posting, outperforming the broader market indices.

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