Tesla Stock Up As Q2 Deliveries Hit New High, Beat Estimates

Tesla (TSLA) set a new record for quarterly deliveries and met Q2 forecasts, despite a global chip shortage. Tesla stock rose. X The EV maker delivered 201,250 vehicles in Q2, up from the prior record of 184,800 in Q1 and 90,900 a year ago. That basically met FactSet estimates, which ranged from 193,000 to 231,000.


Tesla (TSLA) set a new record for quarterly deliveries and met Q2 forecasts, despite a global chip shortage. Tesla stock rose.




X



The EV maker delivered 201,250 vehicles in Q2, up from the prior record of 184,800 in Q1 and 90,900 a year ago. That basically met FactSet estimates, which ranged from 193,000 to 231,000.

Tesla produced 206,421 vehicles, including 204,081 Model 3 and Model Y EVs, and 2,340 Model S and X vehicles.

Tesla this month began long-delayed deliveries of the Model S Plaid, the revamped version of the luxury sedan, but those weren’t expected to ramp up quickly. There’s no word on when the Model X Plaid will officially launch.

Meanwhile, China-based rivals Nio (NIO), Xpeng (XPEV) and Li Auto (LI) reported strong Q2 deliveries this week.

Tesla Stock

Shares closed up 0.1% at 678.90 in Friday stock market trading. Tesla stock has paused for a few sessions after clearing an aggressive trend line that offered an early entry around 675, according to MarketSmith chart analysis. Shares recently popped above the 10-week line, an encouraging sign. The buy zone extends to 708.75.

Investors also could view 780.89 as another early entry, just above the April short-term peak.

Shares are still about 25% below their all-time high of 900.40, achieved on Jan. 25. But Tesla’s relative strength line is trending upward. It has an RS Rating of 87 out of a possible 99. Tesla is a Leaderboard stock.

Among other EV stocks, Nio stock fell 1%, Xpeng rose 0.2% and Li Auto sold off 5.8%.

Nio, Xpeng and Li Auto stocks have rebounded more than Tesla stock, but they also sold off much more than the global EV leader.


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Tesla Earnings Next

After the deliveries report the focus will shift to Tesla’s Q2 earnings. That will likely come in late July.

FactSet consensus sees EPS of 95 cents on sales of $11.32 billion. Tesla has an EPS Rating of 74.

China demand will also be a key area of interest. Tesla is dealing with consumer complaints and recalls, heavily covered in state and social media there. It’s unclear how much those recent public relations woes are affecting Tesla sales in China.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.

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