Tesla share price jumps over 10% as second quarter sales beat estimates

Tesla share price jumped more than 10% on Tuesday to hit its highest level since the start of January after the electric vehicle (EV) maker’s auto deliveries beat analyst estimates. Tesla shares ended 10.20% higher at $231.26.

The billionaire Elon Musk-led Tesla said it delivered around 443,95 vehicles worldwide in the April-June period, exceeding Wall Street average estimates of 439,302 vehicles.

While Tesla sales during the second quarter were down 4.7% from a year ago, the EV maker’s deliveries improved on a sequential basis from the 386,810 vehicles sold in the first three months of the year.

The company sold 422,405 units of Model 3 and Model Y vehicles. Tesla gave no detailed breakdown of the other autos delivered.

The company produced 410,831 vehicles during the second quarter, 14% fewer than it made during the same period a year ago, Bloomberg reported. This included 386,576 Model 3 and Model Y autos produced in Q2.

For the first half of the year, Tesla sold 830,766 EVs worldwide, beating China’s BYD, which sold 726,153 EVs.

The better-than-expected deliveries led a more than 10% rally in Tesla shares Tuesday. Tesla stock price has fallen nearly 7% so far this year, but has erased major losses from prior months. Tesla shares are up more than 60% since hitting a 52-week low in April. In the past one month, Tesla shares have jumped more than 30%.

(With inputs from Agencies)