Tesla stock surged 9% after strong Q2 deliveries, but concerns remain about slower sales

From Nasdaq: 2024-07-02 18:10:00

Tesla stock surged 9% after delivering 443,956 EVs in Q2, beating estimates. Chinese EV makers Nio and Li Auto also reported increased deliveries. Despite recent growth, concerns over slower sales caused a drop earlier this year. Analysts expect a 1% rise in total sales for fiscal 2024 and a 15% jump in FY25.

Earnings estimate revisions show a -6% change for Tesla’s fiscal 2024 EPS but a 1% increase for FY25. With a Zacks Rank #3 (Hold) currently, positive Q2 deliveries have boosted investor sentiment. However, financial results later in the month will be key to potential upside.

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