Tesla Inc (NASDAQ:TSLA) shares revved up 4.5% to $219.53 in early trading after reporting an unexpected increase in deliveries in the second quarter compared to the first.
Production of 410,831 vehicles was down 5.2% from the first quarter, but deliveries came in at 443,956, up 14.8% from the first quarter and higher than Wall Street expected.
Year on year, quarterly production was down 14.4% from 479,700 in the second quarter of 2023, while delivered fell 4.8% from 466,140 a year earlier.
Analysts were expecting a 6% year-on-year fall in deliveries, with some banks forecasting a double-digit decline.
Tesla said it will post its financial results for the second quarter afterhours on Tuesday 23 July.
Beyond that, August's expected unveiling of Tesla's driverless robotaxi is highly anticipated by some in Wall Street.
Analysts at Wedbush believe that autonomous vehicles and Tesla's full self-driving feature will help the automaker reclaim a $1 trillion market valuation.