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Tesla's Stock Surges Despite Decline in Electric Car Sales
2024-07-03 00:00:35

Tesla's Stock Surges Despite Decline in Electric Car Sales

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Despite recording a decrease in production and deliveries of electric cars in the second quarter of 2024, Tesla's stock price surged by over 8% as investors anticipated a larger decline. The company also achieved a new milestone by delivering 9.4 GWh of batteries for stationary use.

Although facing challenges and competition in the EV market, Tesla's shares have rallied over 55% since April. The decline in sales is attributed to a general slowdown in the EV market and increased competition.

Analysts believe Tesla's worst sales performance is in the past, expecting improvements as the company focuses on cost reduction and profitability.

Related news on that topic:

Tesla Stock Surges on Better-Than-Expected Q2 Deliveries Despite ... Challenges

Despite challenges in the global electric vehicle market and a tough start to the year, Tesla's stock rose significantly as the company surpassed Wall Street estimates with its second-quarter delivery figures. Although deliveries fell 4% compared to the previous year, Tesla delivered 443,956 vehicles in Q2, exceeding analyst predictions and showcasing a 15% increase from the first quarter. Analysts have been closely monitoring Tesla's profit margins and overall sales performance, with a particular focus on the impact of Chinese EV makers' strong delivery reports on Tesla's stock performance.

Tesla Facing Decline in Deliveries Amidst Growing Competition in ... EV Market

Tesla is anticipated to announce a 3.7% decrease in deliveries for the June quarter, marking the second consecutive quarter of decline attributed to competition in China and subdued demand for new models. The company's challenges include a shift towards cheaper hybrid vehicles, inventory accumulation, and postponed plans for new electric car models, while also concentrating on the advancement of robotaxis. Analysts are lowering their estimates for Tesla's second-quarter sales, with scrutiny on profit margins and energy storage figures. Despite Tesla's struggles, Chinese EV makers like Li Auto, Xpeng, and Nio are experiencing strong sales, with Nio breaking records for the second consecutive month, indicating intense competition in the premium EV segment.

Read 1 more recent news on this topic

The press radar on this topic:

New York Times - Economy
2. Juli 2024 um 19:19

Auto Sales Grew Slightly in Second Quarter

Economy
Most automakers, except Tesla, reported slight sales growth in the second quarter of the year due to factors like high interest rates, high vehicle prices, and economic uncertainty. Cox Automotive estimated that 4.1 million new cars and trucks were sold in the second quarter, with slow growth expected to continue for the rest of the year. General Motors reported selling nearly 700,000 cars and light trucks in the U.S. during the second quarter, marking a slight increase from the previous year.
The Guardian
2. Juli 2024 um 14:30

Tesla sales fall for second straight quarter despite price cuts

Technology
Economy
Finance
Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, indicating weakening demand for electric vehicles. Despite the decline, Tesla remains the top-selling electric vehicle maker globally, with competition increasing from legacy and startup automakers. Analysts believe that Tesla's worst sales performance is behind them, expecting better days ahead as the company focuses on reducing costs and maintaining profitability.
Yahoo Finance
2. Juli 2024 um 15:27

Why Tesla Stock Continued to Surge Higher Today

Finance
Economy
Environment
Tesla stock surged higher today after the company reported stronger-than-anticipated vehicle deliveries in the second quarter, beating estimates and featuring a significant increase in energy storage product deployments. Investors are optimistic about the company's performance and potential for revenue growth in the future.
Yahoo Finance
3. Juli 2024 um 20:00

GM's EV Sales Surge 40% As Tesla Slips; Can Ford Reverse F-150 Slide? | Investor's Business Daily

General Motors (GM) reported a slight rebound in total U.S. auto sales in the second quarter, but its EV sales surged, indicating the anticipated increase in production of electric vehicles. Ford Motor (F), on the other hand, is looking to revive sales of its F-150 truck, its top-selling vehicle, as it reports Q2 sales. Other automakers, such as Toyota Motor (TM), Honda Motor (HMC), and Stellantis (STLA), are also reporting Q2 sales, with a focus on their EV and hybrid sales.
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