Tesla shares jumped 6% ahead of delivery data, adding $45 billion to its market cap.

Tesla shares rose by 6% on Monday afternoon, ahead of an expected decline in deliveries for the second consecutive quarter. Despite this, analysts remain optimistic about Elon Musk’s company. Tesla reported a 48% year-over-year decline in first-quarter profits, a 9% drop in revenue, and roughly 70,000 fewer vehicles delivered than expected, marking its first negative quarterly delivery growth since 2020. The decline in deliveries was partially attributed to supply chain issues, including an arson attack at its Berlin factory in February. Additionally, Tesla faces increased competition in the electric vehicle market in China, where several automakers, including BYD, reported significant sales and delivery increases, with BYD noting a 21% rise in second-quarter sales.

You May Also Like

More From Author

+ There are no comments

Add yours