Tesla Shares Rise as 2Q Sales Beat Market Expectations

By Zaeem Shoaib

Tesla shares are up in midday trading after the electric-vehicle maker reported a decline in sales for a second straight quarter but above market expectations.

Shares were up 8.3%, to $227.29, in recent trading. The stock is down 8.5% this year.

The company delivered 443,956 vehicles globally in the second quarter, a 4.8% decline from the same quarter a year ago, but was better than the 436,000 units analysts polled by FactSet had expected to be delivered.

Wedbush analyst Daniel Ives said the results represented "a huge comeback performance" as Wall Street was expecting the company to miss sales expectations and EV demand is still choppy globally.

The analyst said in a note on Tuesday that he sees the unveiling of the Tesla robotaxi on Aug. 8 as a near-term catalyst.

"In a nutshell, the worst is in the rear view mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on August 8th," Ives said.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

July 02, 2024 14:55 ET (18:55 GMT)

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