Tesla Inc. (NASDAQ: TSLA) shares rose 3.3% at 11:03 a.m. ET on July 3, 2023, following the company’s announcement of second-quarter vehicle deliveries. Tesla delivered 384,000 vehicles in Q2 2023, a 14% decline year over year and below Wall Street’s estimate of 387,000 vehicles.
Despite missing estimates, investor reaction was somewhat positive, as many analysts expected disappointment due to ongoing sales struggles, particularly in Europe and China, and increasing competition from rival electric vehicle manufacturers. Gene Munster from Deepwater Asset Management commented that Q2 deliveries were better than he anticipated, suggesting potential improvements in the latter half of 2023.
