Proactive Investors - Tesla Inc (NASDAQ:TSLA) staged a “huge comeback performance” by beating 2Q delivery estimates, Wedbush’s Dan Ives said in a note following the release on Tuesday morning.
The electric vehicle maker reported second-quarter deliveries of 444,000 vehicles, surpassing the Street's estimate of 438,000 and significantly exceeding whisper estimates of 420,000.
“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,” Ives wrote in the note.
Ives noted that Model 3 and Model Y deliveries were particularly strong at 387,000 units, while other models accounted for 24,000 units, with a total production of 411,000 vehicles. A "mini rebound" in China and stabilization in pricing were key factors contributing to this stronger-than-expected performance.
“In a nutshell, the worst is in the rear-view 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.”
Tesla's Robotaxi Day is expected to be a landmark event, unveiling the company's advancements in autonomous driving technology. According to Ives, this event could serve as a pivotal moment for Tesla's journey towards a $1 trillion valuation, hinging on the success of its Full Self-Driving (FSD) vision. The latest FSD version 12.4 and ongoing testing in China indicate that Tesla is making significant strides in this area.
Ives maintains an "Outperform" rating on Tesla with a 12-month price target of $275.