Tesla CEO Elon Musk boards his Tesla car as it departs from a hotel in Beijing, China, May 31, 2023.
Wang Tei | Reuters
Tesla Shares rose 6.9% on Monday, partly due to better-than-expected second-quarter deliveries and production numbers.
The figures from the automaker’s report on Sunday are the closest approximations to the company’s disclosed revenue figures, and have drawn the attention of analysts and shareholders.
Analysts had expected 445,925 deliveries through June 30, 2023. Tesla beat that forecast by more than 20,000 units, delivering 466,140 vehicles in the second quarter of 2023.
Deliveries 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 Control Act.
Tesla shares are up 127% year-to-date after falling to historic lows in 2022 after a poor performance. The stock is still well off its pandemic high of $407 or higher in November 2021, but has since recovered from its December 2022 low of $101.81.
