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Tesla Reveals Impressive Q2 Delivery Figures
Tesla experienced a significant surge in its stock price following its announcement of better-than-expected Q2 delivery figures. The company disclosed 444,000 electric vehicle (EV) sales for the second quarter, beating Wall Street forecasts despite a nearly 25% drop in sales in China and weak demand in Europe. Production fell by 14.3% to 410,831 vehicles due to supply chain constraints and temporary closures at the Berlin Gigafactory.
Q2 Deliveries Indicate Stabilizing EV Demand
The early disclosure of production and global vehicle delivery figures highlighted a year-over-year decline in deliveries but still surpassed analysts’ expectations, triggering a 27% increase in the share price since the announcement. This trend suggests a stabilization of global demand for EV, which had dipped earlier in 2024.
The global EV market appears to be recovering, as evidenced by better-than-expected delivery figures from Tesla and number of its competitors. Tesla’s Q2 performance eased investor concerns about the impact of the global price war and declining EV demand on its sales and profit margins.
Tesla Reports Record Energy Storage Deployments in Q2
Tesla achieved a new milestone in its energy storage business, deploying 9.4 gigawatt-hours (GWh) of energy storage, more than double the previous quarter record and double consensus estimates. This value is 131% greater than Q1, and 157% higher than the volume deployed in Q2 2023. This robust performance underscores the growing potential of Tesla’s energy storage business.
While Tesla does not disclose specific margins for its energy business, it has reported positive and growing gross margins. The substantial increase in energy storage deployments could contribute significantly to Tesla’s overall revenue, which is increasingly rivalling its core EV operations and could soon surpass its services and other revenue streams.
While the delivery numbers were clearly a very positive development, the surge in Tesla’s share price could largely be contributed to the massive rise in the energy business.
Tesla’s Strategic Shift Toward AI and Robotics
Elon Musk plans to unveil Tesla’s robotaxi on the 8 th of August. This is expected to be a landmark event, highlighting Tesla’s advancements in full self-driving technology and its autonomous future. The company is marking a pivotal shift from traditional car manufacturing to a broader focus on autonomous driving, energy solutions, and next-generation robotics.
Tesla is increasingly viewed more as an AI and robotics company than a traditional car maker, given its projects such as its fully automated driving software, robotaxis, and AI-powered robots. Tesla’s stock appears poised for significant growth as the market begins to recognize it as an AI play.
Source: TradingView
Stock Performance and Increasing Market Confidence
Tesla’s stock price has surged more than 81% since its April low, driven by CEO Elon Musk’s renewed focus on self-driving technology and AI ambitions. A key investor vote approved his delayed $56 billion pay package, further boosting market confidence.
Technical Breakout Points to Higher Price Levels
Tesla’s shares have been trading in a down trend since November 2021 which now appears to be reversing course. The higher low posted in April 2024 shows that the bulls are stepping in and is the first preliminary sign suggesting the down trend might be ending soon.
Last week’s price action decisively broke above its long-term down trend line suggesting that momentum is improving and pointing to higher price levels over the medium-term. Those two developments on the chart have bullish implications and presage the possibility of a formation of a new primary up trend.
Given the improvement in the price structure and in the momentum conditions, higher price levels are likely to unfold. The first potential upside price target is $300, however over the long-term, significantly higher price levels are achievable.
Professional investors looking for magnified exposure to Tesla may consider Leverage Shares +3x Long Tesla or -3x Short Tesla ETPs.
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
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This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).
The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.
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