Tesla’s (TSLA) stock increased 7% after the electric vehicle maker reported better-than-expected second quarter production and delivery numbers.
Tesla’s delivery figures are the closest approximation of sales provided by the Austin, Texas-based company and are closely watched by both analysts and shareholders.
Wall Street had expected 445,925 deliveries for the quarter ended June 30. Tesla beat that estimate by more than 20,000 vehicles, delivering 466,140 EVs for the year’s second quarter.
The rise in deliveries coincided with incentives and discounts offered to buyers in the first half of the year, and by a $7,500 U.S. federal tax credit provided to American consumers through the U.S. Inflation Reduction Act.
Tesla’s stock is now up 159% year-to-date after suffering a steep decline in 2022. At $279.82 U.S., the company’s share price is now 20% higher than where it was trading at 12 months ago.
