Tesla's Q2 deliveries exceed expectations, stock rises 10%, but facing competition and tariff challenges.

From Nasdaq: 2024-07-03 03:58:48

Shares of Tesla Inc. surged over 10% after reporting second-quarter vehicle deliveries higher than market estimates. The company produced 410,831 vehicles and delivered 443,956. Analysts expected 439,302 deliveries. Production decreased year-over-year. Quarterly production included 386,576 models 3/Y and 24,255 other models. Energy storage deployment was at 9.4 GWh, a record high.

Tesla is grappling with weak demand and competition. Notice on EU websites indicated the price increase of China-made Model 3 EVs due to import duties. The Biden administration imposed tariffs on Chinese EVs and components to protect the domestic market. CEO Elon Musk warned that Chinese EV companies would dominate without trade restrictions.

Tesla’s shares closed at $231.26, up 10.20%, on the Nasdaq. After-hours trading saw a slight decrease to $231.11. The company is set to release its second-quarter results on July 23.



Read more at Nasdaq: Tesla Stock Climbs On Higher-than-expected Q2 Deliveries