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Tesla stock surges 10% as vehicle figures beat the Wall St estimates

Tesla results beat Wall Street expectations

Electric car manufacturer Tesla reported a 10% stock surge at the closing bell to beat the expectations of Wall Street projectionists.

In a company statement, Tesla announced that 443,956 vehicle delivery milestones were reached during the second quarter, topping the projections of Wall Street (439,302).

This will be a bright spot in a dismal year for Tesla, which has been marred by controversies, financial insecurity, and mass layoffs.

Tesla beats Wall Street projections

The company statement headline read, “In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles. We deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment yet.”

Tesla is set to post the second quarter of 2024 results on Tuesday, July 23, 2024. This will be followed by a link to the Q2 2024 update on Tesla’s Investor Relations website.

Tesla management will “hold a live question and answer webcast that day (July 23) at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.”

It has been a rocky year for Tesla as billionaire owner, and the company has been embroiled in headline after headline.

In April, the electric vehicle manufacturer announced it would add to the existing layoffs by sacking its entire Supercharger Team. This was due to 14,000 layoffs in the same month to reduce company costs.

The EV maker also dropped the price of its flagship models to compete with Chinese companies that are starting to make headway in the market it has cornered for so long.

Musk said, “As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative, and hungry for the next growth phase cycle.”

It seems things are looking up for Elon Musk ahead of his opportunity to give evidence into the Security and Exchange Commission’s (SEC) investigation into his Twitter takeover.

Image: Tesla.

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