Tesla Inc TSLA shares are trading higher Tuesday after beating consensus estimates for second-quarter deliveries.
Here's what analysts and Tesla investors are saying after the report.
Wedbush on Tesla: The worst could be behind Tesla after second-quarter deliveries beat estimates, Wedbush analyst Dan Ives said in a note.
"This was a huge comeback performance from Tesla and Musk with the Street expecting a clear miss this quarter with EV demand still choppy globally," the analyst said.
Tesla reported second-quarter deliveries of 443,956 compared to a Street consensus estimate of 437,800 shared by the company.
"It appears China saw a ‘mini rebound' in the quarter along with pricing stabilization that helped Tesla battle through headwinds to deliver a much stronger delivery quarter than even the bulls were expecting,” Ives said.
The Tesla delivery results will likely be "music to the ears of the bulls" ahead of the second half of 2024, he said.
Ives maintains an Outperform rating on Tesla with a $275 price target.
Other Tesla Delivery Reactions: Tesla forecaster Troy Teslike had an estimate of 423,000 deliveries for Tesla's second quarter.
"Deliveries were clearly higher than I expected. It looks like Tesla managed to reduce Model 3 and Model Y inventory in the US significantly," Teslike tweeted.
Fund manager Gary Black said the second quarter deliveries were a "big beat" in light of sentiment being poor ahead of the deliveries data.
"Strong result increases odds that TSLA will extend favorable low interest financing into 3Q, rather than additional price cuts. Big positive is huge inventory drawdown," Black tweeted.
Black called the second -quarter deliveries a "fantastic result" in another tweet.
YouTuber and Tesla investor Dave Lee highlighted the delivery figure and the 9.4 GWh of energy storage the company deployed in the second quarter.
Tesla's energy storage was the highest quarter in company history and came in higher than a first-quarter total of 4.05 GWh.
"Impressive quarter that will show big improvements in earnings compared to last quarter. Congrats Tesla," Lee tweeted.
What's Next For Tesla: Ives is looking forward to Tesla's robotaxi day on August 8.
"The worst is in the rearview mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on August 8th," Ives said.
Ives calls the second-quarter delivery beat "the appetizer to the main event."
Robotaxi day will "unleash the next part of the Tesla autonomous story with all the Street watching,” he said.
Ives said robotaxi day is a key to Tesla returning to a $1-trillion market capitalization.
"We continue to believe that Tesla is more of an AI and robotics play than a traditional car company…now the rubber meets the road as the Street anticipates August 8th as a key linchpin day for the Tesla story."
Tesla is slated to report second-quarter financial results July 23 after market close. Analysts expect the company to report earnings per share of 60 cents and revenue of $24.19 billion in the quarter, according to data from Benzinga Pro.
The company has missed analyst estimates for both earnings per share and revenue in each of the last three quarters.
TSLA Price Action: Tesla shares are up 8.6% to $227.94 on Tuesday versus a 52-week trading range of $138.80 to $299.29.
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