Tesla stock rises 10% on strong deliveries surpassing estimates, Wall Street anticipates brighter future | Business Insider India

Tesla shares surge 10% after beating delivery estimates. Analysts predict continued success, with a major reveal on Robotaxi Day. Wall Street divided.

Tesla's stock saw a significant rise of up to 10% on Tuesday following better-than-expected second-quarter deliveries. The electric vehicle manufacturer delivered 444,000 units, surpassing estimates of 438,000. Analysts at Wedbush Securities view this as a positive sign that Tesla is rebounding after a challenging period.

Dan Ives, an analyst at Wedbush Securities, described Tesla's performance as a "huge comeback" and noted that the company exceeded even the most bullish investors' expectations. He believes that Tesla's worst days are behind it and that the demand for electric vehicles is picking up, especially with the upcoming Robotaxi Day on August 8th.

Despite a 16% decline in Tesla's stock in 2024 leading up to Monday, the recent spike has reduced the year-to-date loss to 8%. Ives is optimistic about Tesla's future in the second half of 2024, pointing to the company's successful deliveries and a rebound in China as positive indicators.

The much-anticipated Robotaxi Day on August 8th is expected to further boost Tesla's momentum. During this event, Tesla will unveil its autonomous taxi vehicle, showcasing its commitment to advancing self-driving technology. Ives believes that Tesla's focus on artificial intelligence and robotics sets it apart from traditional car manufacturers, positioning it for future success.

While Ives is bullish on Tesla's prospects, not all analysts share his optimism. Some have raised concerns about potential challenges facing Tesla, including industry headwinds and internal business issues. Despite differing opinions on Wall Street, Tesla's recent performance and upcoming events suggest that the company is poised for continued growth and innovation.

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