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Tesla Q2 deliveries beat expectations.

Tesla's Q2 vehicle delivery numbers are in and they're good news for the company—surpassing expectations, a first in a year.

Published July 2, 2024 at 8:53pm by James Powel

Tesla's Q2 Delivery Numbers Rally Stock, But Is It Enough?

Tesla reported Tuesday that it delivered 443,956 vehicles in Q2 2024, up 14.8% from Q1 but down 4.8% YoY. The delivery figures are a positive turn for the company, following a tough Q1 with price cuts, layoffs and a recall.

"With the majority of price cuts in the rear-view mirror and demand stabilization globally for EVs especially in China, we believe Tesla's march towards 2 million units annual trajectory should be reached over the coming quarters with clear momentum and easier comps for 2025," – Wedbush Analytics

The delivery beat boosted Tesla's stock, closing up 10% Tuesday at $231.26, continuing a June rally.

Analysts are bullish, with Wedbush raising price targets, calling the report a "major turning point."

However, the question remains if this momentum is enough to sustain Tesla's long-term goals, with Q2 earnings set to release after market close on July 19.