Tesla is up 4.7% after the Q2 initial report 🔌

• Tesla delivered a record-breaking 466,140 cars worldwide in the Q2, surpassing expectations
• Shares gain more than 6% in premarket US trading following the announcement

Today, Tesla's stock rallied 4.7% in the opening, driven by the company's announcement of record-breaking sales in the second quarter. Tesla delivered 466,140 cars worldwide and manufactured 479,700 cars, outperforming Wall Street estimates and reinforcing its position as the world's most valuable automaker.

Report summary:

• Total Deliveries: 466,140 cars, Production: 479,700 cars
• Model S/X Deliveries: 19,225, Production: 19,489 cars
• Model 3/Y Deliveries: 446,915, Production: 460,211 cars

Key takeaway:

• The number of deliveries increased by 83% compared to the same period last year, when operations in China were impacted by COVID-19 lockdowns
• Tesla exceeded analysts' expectations, who had predicted around 448,350 deliveries for the quarter
• The Model 3 and Model Y accounted for 96% of Tesla's sales in the Q2
• Tesla's sales growth has put pressure on legacy carmakers, who have struggled to keep up with the electric vehicle market

In the second quarter, Tesla showcased its strong sales performance, delivering a record-breaking number of vehicles. With 466,140 cars delivered worldwide, the company exceeded expectations and experienced an 83% increase compared to the same period last year. This significant growth is particularly noteworthy given the challenges Tesla faced due to COVID-19 lockdowns in China during the second quarter of 2022. Tesla's performance has outpaced analysts' predictions. The Model 3 and Model Y continue to be the primary drivers of Tesla's sales, accounting for 96% of the total sales volume. This robust sales growth places additional pressure on traditional automakers, who are struggling to compete in the rapidly evolving electric vehicle market. Tesla's ability to deliver such impressive numbers further solidifies its position as the leader in the electric car industry.