Tesla shares soar almost 7% after supply report and manufacturing numbers

Tesla CEO Elon Musk gets into a Tesla car as he exits a hotel in Beijing, China, May 31, 2023.

Tingshu Wang | Reuters

Tesla Shares rose 6.9% on Monday, due in part to stronger-than-expected second-quarter deliveries and production numbers.

The figures from the automaker’s Sunday report represent the best approximation of sales released by the company and are closely watched by analysts and shareholders.

Analysts expected 445,925 deliveries for the period ended June 30, 2023. Tesla beat that estimate by more than 20,000 cars, delivering 466,140 vehicles in the second quarter of 2023.

Shipments were boosted by incentives and rebates offered to buyers in the first half of the year and a $7,500 federal tax credit under the US Inflation Reduction Act

Tesla shares are up 127% year to date after posting a staggering performance in 2022 that sent them to all-time lows. Shares remain a long way from the pandemic highs when the stock briefly hovered above $407 in November 2021, but has since largely recovered from its December 2022 low of $101.81.

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