Tesla Stock Soars on Q2 Deliveries Beat: What to Know
Tesla stock is higher Tuesday after the EV maker delivered more vehicles than expected in the second quarter. Here's what you need to know.


Tesla (TSLA) stock is higher by more than 9% in Tuesday's session after the electric vehicle (EV) maker disclosed its quarterly deliveries data.
In the second quarter of 2024, Tesla said it delivered 443,956 vehicles. While this was a 4.8% decrease from the 466,140 vehicles it delivered in the year-ago period, it was 14.8% more than the 386,810 vehicles it reported in Q1 2024.
What's more, the second-quarter deliveries topped analysts' expectations. According to CNBC, Wall Street expected Tesla to deliver 439,000 vehicles over the three-month period.

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Tesla also said that its total vehicle production in the second quarter of 2024 was 410,831 vehicles. This was 14.3% lower than the 479,700 vehicles it produced in the year-ago period, and was also 5.2% below what it produced in Q1 of this year.
Is Tesla stock a buy, sell or hold?
Tesla has been the worst-performing Magnificent 7 stock so far in 2024, falling more than 7% for the year to date. It's also woefully lagged the S&P 500, which is up roughly 15%. However, the stock has rallied of late, gaining nearly 60% since its first-quarter earnings release on April 23.
Despite the consumer discretionary stock's recent run higher, Wall Street remains on the sidelines. According to S&P Global Market Intelligence, the average analyst target price for TSLA stock is $183.03, which is a discount of about 20% to current levels. Additionally, the consensus recommendation is a Hold.
Wells Fargo is one of the more bearish research firms, with a Sell rating and $120 price target, according to CNBC.
In a report released Monday, Wells Fargo analyst Colin Langan said his firm sees "declining delivery growth driven by lower demand and diminished return on price cuts," adding that there is a "likelihood of more price cuts and lower volumes" throughout the rest of 2024.
Wells Fargo's $120 price target represents a discount of about 48% to current levels.
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Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
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