According to a release from Tesla (TSLA) on Tuesday, global second-quarter deliveries fell by 4% compared to the previous year but exceeded analyst expectations. Consequently, TSLA shares surged in early trading.
Tesla announced Tuesday that it delivered 443,956 vehicles in Q2 while producing 410,831 units. The EV giant delivered 422,405 Model 3 and Model Y units, along with 21,551 "other" vehicles. This total represents a 4% decline from last year's 466,140 deliveries but a 15% increase from Q1.
Tesla achieved a record 484,507 deliveries in Q4 2023. In early April, the company reported global first-quarter deliveries of 386,810, which fell below even the lowest estimates and marked the lowest quarterly deliveries since 344,000 in Q2 2022.
Analysts forecasted that Tesla's global second-quarter deliveries would total 436,000 vehicles, according to FactSet. By the end of May, the consensus estimate was 448,000 deliveries.
However, leading up to Tuesday's announcement, many analysts anticipated deliveries would fall below 436,000. On Friday, Wedbush Securities analyst Dan Ives, a longtime Tesla supporter, predicted deliveries would approach the consensus figure but noted that "whisper numbers" were in the 415,000-420,000 range.
Tesla stock rose 4.4% to 219.20 during Tuesday's trading session. This followed a 6% increase on Monday, where TSLA shares climbed to 209.86, reclaiming the 200-day moving average for the first time since January.
EV startup Rivian (RIVN) also reported its Q2 deliveries on Tuesday.
What about Tesla Energy?
In addition to its global delivery numbers, Tesla announced on Tuesday that it deployed 9.4 gigawatt hours (GWh) of energy storage products in Q2, marking its highest quarterly deployment ever.
In Q1, Tesla deployed 4,053 megawatt-hours (MWh) of energy storage, setting an all-time high.
Tesla's current offerings include solar panels, a solar roof, and Powerwalls for energy storage. On the commercial side, it offers the Megapack.
Adam Jonas, a prominent auto analyst at Morgan Stanley, noted last week that as generative AI increases energy demand, Tesla's energy business could be "uniquely positioned to benefit from investment in the U.S. electrical grid accelerated by the AI boom."
Jonas currently values Tesla Energy at $36 per share, or around $130 billion.
He projects that Tesla Energy will generate around $7 billion in revenue this year, a 20% increase from 2023. Jonas also expects Tesla Energy margins to surpass the company's auto margins in 2024.
During Tesla's June 13 shareholder meeting, CEO Elon Musk stated that the company is "tracking" toward 200%-300% year-over-year growth in energy storage and the deployment of stationary packs.
Tesla Stock Performance
TSLA shares' advance on Monday added to a 8.1% jump last week. Tesla stock has now broken out from a 191.08 handle buy point, according to MarketSurge chart analysis. The buy range extends to 200.63.
The stock hit resistance at the 40-week line on Friday, but closed higher. In June, shares gained more than 11%.
Since reporting first-quarter earnings and revenue on April 23, Tesla's stock has rallied, finding support just above its 50-day moving average.
Recently, Tesla shareholders approved Elon Musk's 2018 $56 billion pay package and voted to reincorporate the company in Texas, moving it from Delaware.
With the annual meeting now behind them, analysts are focusing on Tesla's second-quarter earnings report expected in mid-July. Additionally, the company plans to unveil its robotaxi on August 8.
Tesla's stock ranks sixth in the 35-member IBD Auto Manufacturers industry group, with a Composite Rating of 59 out of 99, a Relative Strength Rating of 32, and an EPS Rating of 62.
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