Investors optimistic as Tesla's stock rises ahead of second-quarter EV delivery data release

From Nasdaq: 2024-07-01 12:28:35

Shares of Tesla (NASDAQ: TSLA) rose 5.5% on the first trading day of July, up 18% over the past month. Investors are optimistic ahead of Tesla’s second-quarter EV delivery data release.

Chinese EV makers, including Nio, Li Auto, XPeng, and BYD, reported strong June and second-quarter BEV sales. BYD sold over 426,000 EVs in Q2, up 21% YoY, potentially outselling Tesla for the second consecutive quarter.

Analysts project Tesla’s Q2 sales around 420,000 EVs, down from 466,000 last year. With China’s EV market recovering, Tesla may beat estimates, but shareholders should watch profit margins post-report for continued growth.

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Howard Smith holds positions in BYD Company, Nio, Tesla, and XPeng. The Motley Fool also has positions in and recommends BYD Company, Nio, and Tesla. Check out The Motley Fool’s disclosure policy for more information on investing in these companies.



Read more at Nasdaq: Why Tesla Stock Popped Ahead of Second-Quarter Deliveries