Source: Glonui.
In the first week of trading in the second half of 2024, Tesla regained its momentum of the past!
The next month is crucial.
Based on first-quarter sales data that exceeded expectations, Tesla's stock price skyrocketed 27% this week, closing at $251.55 on Friday, easily wiping out the decline in the past six months and clearing the market's low spirits.
Meanwhile, under the sustained catalysis of second-quarter delivery data, Tesla's stock price rose 2.1% to $251.52 on Friday, higher than last year's end-of-year price of $248.48, and has risen 38% in the past eight trading days, setting a record for the longest upward trend in more than a year.
Many bullish factors are emerging.
The recent sharp rebound in Tesla's stock price is undoubtedly due to its second-quarter delivery data exceeding expectations.
Tesla's second-quarter car delivery data released on Tuesday was significantly better than the first quarter and sharply contrasted with the most pessimistic market forecasts.
A few months ago, due to the cooling of demand for electric vehicles and frequent large-scale price reductions, Tesla's Q1 saw its first year-on-year decline in deliveries since 2020, combined with increasingly fierce competition in key markets, and Tesla's stock price continued to decline. In order to reduce expenses, Tesla also launched a grand layoff campaign.
Despite the market's expectations for Tesla being repeatedly lowered, the company delivered a strong sales performance at a critical moment, reaching 443,956 units, above the previous industry expectation of 0.436 million units, which clearly appeased the worries of many investors.
Ives, who once described Tesla's first-quarter deliveries as a "nightmare" and "total disaster," started to believe that Tesla had regained market confidence in its growth narrative after exceeding Wall Street's second-quarter delivery expectations.
In addition to delivery data, Tesla has also received other bullish factors recently, such as Tesla's first entry into China's government vehicle procurement list.
Recently, the Jiangsu government procurement website announced a remarkable news: the Tesla Model Y rear-wheel drive version was included in the Jiangsu Provincial Government's new energy vehicle procurement catalog, with a quote of 2.499 million yuan. This event marks the first time that Tesla has become a government procurement vehicle and has a milestone significance.
On July 5, several state-owned enterprises in the Shanghai Lingang New Area, including Chengtou Xinggang Group and Lingang Investment Control Group, purchased Model Y as their corporate functional vehicle.
In addition, Tesla's solar and energy storage business also achieved new breakthroughs in the second quarter.
Data released earlier this week by Tesla Energy, a subsidiary of Tesla, showed that it deployed 9.4 GWh of battery storage products in the second quarter of 2024, setting a new quarterly record, up 129% from the previous quarter and up 157% from the previous year.
Can Tesla's rising trend continue?
Although Tesla's second-quarter delivery data exceeded expectations, the challenges it faces have not disappeared.
Looking ahead, Tesla's second-quarter earnings report, which will be released on July 23, may give investors a preliminary understanding of Tesla's progress in new products. In addition, the gross margin of autos may also become a point of focus.
In addition, it is worth noting that Musk plans to hold an event called Robotaxi Day on August 8 and launch the first robot taxi. At present, the industry is generally looking forward to the event in the hope of getting a glimpse of Tesla's charging methods and how far Tesla is from "true autonomous driving".
Note: The author of this article is Investment Prospects Liu.
According to a report by Cantor Fitzgerald analyst, this event is expected to be an important catalyst for Tesla's stock price.
Currently, industry insiders are generally looking forward to the arrival of Robotaxi Day, where they can get a glimpse of Tesla's charging methods and how far Tesla is from achieving "true autonomous driving".
In the report, Ives pointed out that the key to the future of Tesla's stock is whether Wall Street can realize that 'Tesla is the most underestimated AI company.' Musk and Tesla will usher in a historic Robotaxi Day on August 8, paving the way for the future of FSD and autonomous driving.
However, Guggenheim analyst Ronald Jewsikow continues to hold his bearish position this week, even after Tesla announced optimistic delivery data.
Jewsikow believes that Tesla's performance in the second quarter may mean that the situation will become more difficult in the future. He pointed out that, "Clearly, the promotional activities of Model Y and Model 3 have driven considerable sales growth, but as we have seen in other major price reductions and discount activities, demand has been brought forward, and new demand must be created in (the third quarter) and beyond, and the past 18 months have proven that this is difficult."
Editor/Jeffy