The electric automaker sells just three new-car models now, with CEO Elon Musk putting the focus on autonomous vehicles and robotics.
There have been a lot of bears on the tail of Tesla (NASDAQ:TSLA | TSLA Price Prediction) in the past several years, but the name has proven quite punishing to short.
Tesla reported its vehicle production and deliveries for the second quarter. A Tesla-compiled consensus said analysts were expecting 406,024 deliveries, while StreetAccount's average estimate was 406,600.
Tesla just scored a mega sales beat, thanks to a boost from soaring gas prices. Elon Musk's automaker sold 480,126 vehicles in the second quarter, up 25% year over year.
For a stock that has spent much of the past few weeks looking heavy and technically fragile, Tesla Inc NASDAQ: TSLA is having an impressive turnaround. Until recently, its shares had been struggling to shake off a run of unhelpful headlines, from the fresh NHTSA probe to broader macro uncertainty, and looked in real danger of forming a proper downtrend.
Tesla's China-made electric vehicle sales rose for an eighth month in June, supported by an extended recovery in the U.S. automaker's European sales.
Wall Street projects that Tesla sold about 406,000 cars in the second quarter, up from about 384,000 a year ago.
The U.S. National Highway Traffic Safety Administration (NHTSA) on Thursday said it had closed its 2022 preliminary evaluation into 695,000 Tesla vehicles over unexpected deceleration, citing low demonstrated hazard to drivers and a substantial drop in incidents.
Tesla's new electric Semi was involved in a crash earlier this week that killed two people, the first known fatal accident involving the carmaker's newest model, which just went into regular production this year.
Tesla (NASDAQ: TSLA | TSLA Price Prediction) and Rivian (NASDAQ: RIVN) both posted
Tesla stock (TSLA) rose on Wednesday as investors positioned ahead of the electric-vehicle maker's closely watched second-quarter delivery report, with improving European sales data helping support sentiment despite broader weakness across technology stocks. Shares of Tesla gained in early trading even as much of the technology sector moved lower.
Tesla (TSLA) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.