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Tesla Surprises Wall Street with Stronger-Than-Expected Q2 Deliveries

by Team Lumida
July 3, 2024
in Macro
Reading Time: 3 mins read
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tesla, tesla model x, charging

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Key Takeaways

  1. Tesla’s Q2 deliveries beat estimates, hitting 443,956 vehicles.
  2. Despite a 4.8% year-over-year drop, Tesla’s sequential growth is promising.
  3. Energy storage business hit a record with 9,400 MWh deployed in Q2.

What Happened?

Tesla’s second-quarter deliveries surpassed Wall Street expectations, hitting 443,956 vehicles, above the anticipated 439,302. This performance, although a 4.8% drop from last year, shows improvement from the 386,810 vehicles delivered in the first quarter.

The company produced 410,831 cars, down 14% from the same period last year. Tesla’s energy storage segment also had a standout quarter, deploying 9,400 megawatt hours, nearly double the previous quarter.

Why It Matters?

Tesla’s better-than-expected deliveries boosted its stock by as much as 10%, reflecting investor optimism. This positive performance comes despite significant challenges, including workforce reductions and an aging vehicle lineup. According to Ben Kallo, a senior research analyst at Robert W. Baird, “strong deliveries are a positive for the broader EV sentiment.”

However, Jessica Caldwell from Edmunds.com pointed out that Tesla’s limited product lineup and ongoing pricing strategies still struggle to drive U.S. market demand.

What’s Next?

Tesla plans to provide more details in its upcoming earnings report on July 23. Investors should watch for updates on the Cybertruck and any new models promised by Elon Musk for early next year.

The CEO’s focus on a fully autonomous robotaxi, with an unveiling event slated for August 8, could be a game-changer. Additionally, the company’s energy storage business might continue to offer growth opportunities, but converting these gains into significant revenue remains a challenge.

Source: Bloomberg
Tags: Energy StorageEVtesla
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018