Tesla’s shares soar over 7% as delivery and production numbers exceed expectations

On Monday morning, Tesla’s shares experienced a remarkable surge of over 7%, attributed in part to impressive second-quarter delivery and production figures, surpassing market expectations.

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Tesla shares surged more than 7% during Monday morning trading, driven by impressive second-quarter delivery and production figures that surpassed expectations. These figures, disclosed by the company on Sunday, are highly anticipated by analysts and shareholders.

Analysts had projected approximately 445,925 deliveries for the period ending June 30, 2023. However, Tesla exceeded this estimate by delivering 466,140 vehicles, surpassing expectations by over 20,000 cars.

The strong delivery numbers were partly attributed to incentives and discounts provided to customers in the first half of the year. Additionally, the availability of a $7,500 federal tax credit under the Inflation Reduction Act in the United States further bolstered sales.

With a year-to-date increase of nearly 126%, Tesla shares have rebounded significantly from their underwhelming performance in 2022, which had brought them close to historic lows. Although they have not yet reached the highs experienced during the peak of the pandemic, when the stock briefly reached above $407 in November 2021, they have largely recovered from a low point of $101.81 in December 2022.

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