The share price of Tesla settled higher by 7% on Monday after the company reported stronger-than-expected deliveries in the second quarter of 2023.
Tesla finished the day with a gain of $18.05 or 6.90% at $279.82 per share. The share price has been rallying by 15% in the past five trading days and 146% in the past six months.
During the weekend, Tesla surprised the market with record deliveries in the second quarter that topped Wall Street’s expectations as a price-cutting strategy kicked in.
In the second quarter of 2023, Tesla reported global deliveries of 466,140 units from the production of 479,700 units. The report topped the market’s expectations for 448,599 units as well as a delivery of 422,875 from the previous quarter. An acceleration in car deliveries was due to a series of price cuts by Tesla and also federal EV tax credits that helped boost sales in the quarter to a record high.
