Why Tesla Stock Is Racing Higher Premarket Today

Shares of Tesla, Inc. TSLA surged in premarket trading on Monday as investors reacted to the electric vehicle maker’s impressive quarterly deliveries and production results.

The Elon Musk-led company reported record-breaking second-quarter deliveries of 466,140 units, a quarter-over-quarter increase of over 10% and a staggering 80% rise from a year earlier.

Quarterly production also soared, with a sequential growth of nearly 9% and a year-over-year surge of 88%, reaching a total of 479,700 units.

These numbers surpassed expectations, with deliveries exceeding the consensus estimate of 445,000 units.

Gene Munster, from Deepwater Asset Management, noted that the year-over-year delivery growth marked the fastest rate since the June quarter of 2021.

Fund manager Gary Black said the delivery figures positioned Tesla on track to achieve above-consensus adjusted EPS for the second quarter, despite a key concern. Tesla’s second-quarter earnings release is scheduled for July 19.

Goldman Sachs analyst Mark Delaney increased the price target for Tesla stock to $275, following last week’s upward adjustment from $185 to $248.

Price Action: In premarket trading, Tesla stock was up 6.25% at $278.12, according to Benzinga Pro data.

See Also: Everything You Need To Know About Tesla Stock

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Posted In: EquitiesNewsTop StoriesMoversTrading IdeasDeepwater Asset Managementelectric vehiclesEVsFuture FundGary BlackGene MunsterGoldman SachsMark DelaneymobilityWhy It's Moving
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