Tesla CEO Elon Musk rides in a Tesla vehicle as he leaves a hotel in Beijing, China, May 31, 2023.
Tingshu Wang | Reuters
tesla The stock rose more than 7% in Monday morning trading, driven in part by stronger-than-expected second-quarter deliveries and production figures.
The figures in the automaker’s Sunday report are the closest sales numbers the company has disclosed and are closely watched by analysts and shareholders.
Analysts expect 445,925 deliveries for the period ending June 30, 2023. Tesla delivered 466,140 vehicles in the second quarter of 2023, more than 20,000 vehicles more than expected.
The delivery numbers were driven by incentives and discounts offered to buyers in the first half of the year, as well as a $7,500 federal tax credit under the U.S. Inflation Reduction Act”
Tesla shares have risen nearly 126% so far this year, with dismal results in 2022 and falling to all-time lows. The stock remains well below its pandemic highs, when it briefly held above $407 in November 2021, but has since largely recovered from its December 2022 bottom of $101.81.