Tesla (TSLA) shares surged Tuesday to their highest ranges since January following the discharge of second-quarter manufacturing and supply numbers that surpassed analysts’ expectations.

The electrical car big stated it delivered 443,956 automobiles within the second quarter and produced 410,831 automobiles. Whereas the deliveries determine was down 5% in contrast with the second quarter of 2023, it got here in forward of analysts’ consensus of about 439,000.

Telsa was the most important gainer on the S&P 500 for the second consecutive day Tuesday, with shares rising 10.2% to shut at $231.26. The inventory has gained 17% over the previous two periods, however remains to be down about 7% because the begin of the 12 months.

Earnings and Robotaxi Occasion Coming Up

After a largely tough first half of 2024, Tesla inventory began to show round final week amid optimism for its quarterly numbers, and rose once more Monday amid optimistic supply figures for a number of of Tesla’s Chinese language rivals.

Wedbush analysts wrote in a observe instantly following the deliveries launch that they consider “the worst is within the rear view mirror for Tesla.”

In addition they wrote that the second-quarter knowledge ought to get traders excited for subsequent month’s scheduled “robotaxi” occasion, the place Tesla is ready to debut its totally autonomous taxi to compete with others within the business resembling Alphabet’s (GOOGL) Waymo.

“We proceed to consider that Tesla is extra of an AI and robotics play than a conventional automotive firm,” Wedbush analysts wrote. “Now the rubber meets the highway because the Road anticipates August eighth as a key linchpin day for the Tesla story.”

Tesla additionally introduced Tuesday that it’s going to launch its second-quarter monetary outcomes after the bell on July 23.

UPDATE: This text has been up to date with closing share worth data, context and an up to date share worth chart.