Monday, July 3, 2023

"Tesla's blistering rally continues after quarterly deliveries beat" (TSLA)

In pre-market trade the stock is up $18.03 (+6.89%) at $279.80.

From Reuters via Yahoo Finance, July 3:

Tesla shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working.

The leading U.S. manufacturer of electric vehicles was set to increase its market capitalization by around $50 billion to $900 billion, based on its premarket share moves.

At $277, the stock has already more than doubled in value this year and risen far above price targets set by analysts, prompting caution from some brokerages that margins will suffer because of the aggressive discounting spree.

The price cuts helped the company deliver 466,140 vehicles in the April to June period, up 10% from the preceding quarter and 83% higher from a year earlier. The gap between how many cars Tesla produces and delivers also narrowed to 13,560 in the second quarter from 17,933 in the previous three months....