Tesla shares surged nearly 10% Tuesday after billionaire Elon Musk’s firm reported better-than-expected vehicle delivery numbers in the second quarter.
However, deliveries were still better than the consensus estimate of 439,000, according to FactSet data.Other models, including the futuristic Cybertruck pickup, came in at just over 21,000 deliveries. Tesla’s unexpected beat on deliveries marked a “huge comeback performance” for the firm ahead of a pivotal August event in which it is expected to detail its plans for self-driving cars, Wedbush analyst Dan Ives said in a note to clients.Costco versus Sam's Club: The war between retail competitors has a clear winner
“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 Aug. 8,” Ives said.as it faces increased competition from the likes of Chinese firm BYD, as well as lukewarm consumer demand for electric vehicles.The company has relied on sales promotions and price cuts in its bid to boost sales, which have cut into its margins.