Stephen Gengaro, a managing director at Stifel, said there are “multiple layers” to Tesla and its valuation.
Tesla delivered more electric vehicles than expected in the second quarter.
The Elon Musk-led company said on Tuesday it delivered 443,956 vehicles during the quarter, down about 4.8% from the same period a year ago.
Still, the figure beat the 438,019 deliveries that LSEG analysts had predicted prior to the announcement.
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Tesla’s shares rose after the announcement.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 209.86 | +11.98 | +6.05% |
Meanwhile, Tesla produced 410,831 vehicles during the quarter.
SMITHTOWN, New York: New Tesla electric vehicles line the parking lot of a Tesla dealership on Route 347 in Smithtown, New York, on July 5, 2023. The location is one of five Tesla-owned centers in the state. (Photo by John Paraskevas/Newsday RM via Getty Images)
Tesla shares have fallen about 11% this year, and earnings are due to be released on July 23, the company said.
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