Tesla reported its second-quarter production and delivery numbers, with approximately 411,000 vehicles produced and 444,000 vehicles delivered, including 9.4 GWh of energy storage products, marking the highest quarterly deployment. The financial results for the second quarter of 2024 will be released on July 23, 2024, followed by a live question and answer webcast to discuss the company’s financial and business results. Despite the positive delivery numbers, Tesla's global sales in the second quarter fell 4.8% from the same period a year earlier, following an 8.5% drop in the first quarter. The company's stock rose more than 9% following the report, which beat analyst expectations. However, Tesla's sales have been declining, attributed to Elon Musk's public persona and political views affecting the company's image, as well as increasing competition in the electric vehicle market. The company's sales have also been impacted by temporary factory shutdowns and shipping delays. Tesla's stock rose more than 8% after the delivery report, but it had been down 16% in 2024 before the report. The company's struggles with demand are also attributed to the increasing choices in the electric vehicle market, production issues, and gaps in its vehicle lineup. Despite these challenges, some analysts see potential for improving sentiment in Tesla shares and the broader electric vehicle industry. The company is also facing stiff competition abroad, particularly from Chinese counterparts, and has been making efforts to reduce costs, including staff cuts. CEO Elon Musk acknowledged the tough market for electric vehicles and the struggles with demand during the company's shareholder meeting. Despite the drop in deliveries, Tesla's stock soared as the reported numbers exceeded Wall Street estimates, and the company improved on a sequential basis from the first quarter.
