Tesla stock climbs as Q2 vehicle deliveries beat expectations for first time in year

Tesla beat delivery expectations in the second quarter of 2024 Tuesday, recovering from a disappointing first quarter.

The electric car giant reported that it delivered 443,956 vehicles in the quarter with 422,405 of those being either the Model 3 or Model Y.

The delivery total was up 14.8% from the first quarter of 2024 but down 4.8% from the second quarter in 2023. The delivery figures are the first beat in four quarters, according to MarketWatch.

The delivery beat provided much needed tailwinds for the company after a first quarter that saw price cuts, layoffs and a recall that gave investors their first glimpse into the sales of the Cybertruck and a second quarter that was dominated by questions around CEO Elon Musk's compensation package.

Tesla announced that its second quarter earnings will be released after market close on July 19 with its earnings call set for 5:30 ET the same day.

Analysts bullish after Tesla delivery beat

Some business analysts were buoyed by the delivery beat with Wedbush Analytics raising their price target for the stock and saying the report was a "major turning point."

"With the majority of price cuts in the rear-view mirror and demand stabilization globally for EVs especially in China, we believe Tesla's march towards 2 million units annual trajectory should be reached over the coming quarters with clear momentum and easier comps for 2025," Wedbush said.

Tesla stock bounces on beat

Tesla's shares rallied Tuesday closing up 10% at $231.26 per share, continuing a rally that began in June.