Tesla (NASDAQ: TSLA) shares rose 4.6% on Wednesday, reaching $X as of 2 p.m. ET, following a 14% year-over-year decline in second-quarter vehicle deliveries, totaling 384,000 vehicles. This figure fell short of the analyst estimate of 387,000 vehicles. The stock performance comes amidst a 0.3% gain for the S&P 500 and a 0.7% gain for the Nasdaq Composite.
Despite the stock’s upward movement, Tesla remains the worst-performing company among the “Magnificent Seven” for the year, with shares down approximately 22%. The current valuation stands at about 10.5 times expected sales and 168 times expected earnings, with projections indicating potential headwinds for earnings despite an expected moderation.
