A row of Tesla superchargers is shown at a supercharging location in Los Angeles on June 5, 2024.
Mike Blake | Reuters
Tesla shares saw more gains in premarket trading Wednesday, after jumping 10% in the previous session following the release of second-quarter vehicle production and deliveries figures that beat analyst expectations.
The company’s stock was up 3.07% at 06:54 a.m. ET, but remained 6.93% down for the year-to-date.
Tesla’s total deliveries hit 443,956 vehicles in the second quarter, with total production at 410,831 vehicles over the period. Analysts had expected that Tesla deliveries — the closest approximation of sales disclosed by the automaker — to reach 439,000 in the three-month stretch ending on June 30, according to a consensus of estimates compiled by FactSet StreetAccount.
Tesla does not break down numbers for individual car models or specific regions.
In a Tuesday note, Citi analysts said they anticipate a “favorable share price reaction” following the release.
“From here, the focus will turn to Tesla’s Q2 auto gross margins to gauge the price vs. cost equation,” they added, also flagging the importance of any further company updates on future product launches.
Tesla will post its second-quarter financial results on July 23.Â
— CNBC’s Lora Kolodny and Ganesh Rao contributed to this report.
This breaking news story is being updated.
