Tesla rips big gain after deliveries report dazzles; EV peers move higher as well
Joe Raedle
Tesla (NASDAQ:TSLA) moved higher in premarket trading on Monday after the company topped expectations with a Q2 deliveries tally of 466,140. The electric vehicle maker delivered 19,225 Model S and X vehicles during the quarter vs. 16.0K consensus and 446,915 of the lower priced Model 3 sedan and Model Y crossovers during the quarter vs. 430K consensus. Tesla (TSLA) reported production in the quarter of 479.7K vs. 457K consensus.
Wedbush Securities analyst Dan Ives said price cuts implemented early in 2023 have paid major dividends for Tesla (TSLA) as demand appears to remain very strong and production efficiencies have allowed for the massive quarterly deliveries beat. The firm thinks Tesla is still on track to hit its 1.8M-unit delivery milestone for the year and then see margins ramp back up into FY24.
"With this delivery beat, we believe the sum-of-the-parts story for Tesla is another step towards coming into play with its newly released supercharger network OEM deals, energy business, AI driven autonomous path, unmatched battery ecosystem, and increased production scale/scope globally adding to the Tesla golden EV success story."
Wedbush reiterated an Outperform rating on Tesla (TSLA) and price target of $300.
Shares of Tesla (TSLA) moved up 6.30% in premarket trading on Monday. Other electric vehicle stocks were on the move as well. Rivian Automotive (RIVN) jumped 3.97%, Fisker (FSR) gained 3.05%, Lucid Group (LCID) pushed up 2.05%, and Polestar Automotive (PSNY) rose 1.88%.
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