TSLA: Tesla Stock Adds 6.9% on Blowout Deliveries, Far Above Expectations

The EV kingpin extended its powerful rally after it reported 466,000 cars delivered, a record quarterly figure.

• Tesla stock TSLA jumped a hefty 6.9% in Monday’s shortened trading session. Global deliveries for the EV maker surged by a solid 83% in the second quarter, fueled by price cuts and discounts, observed broadly in the competitive EV field. The stock closed at $279.82 a share and sits on roughly 160% return for the year.
• The electric-car manufacturer, led by billionaire Elon Musk, reported it delivered more than 466,000 vehicles to customers globally for the quarter ended June. It’s a record quarterly figure for Tesla, and a comfortable beat of expectations for 445,000 cars shipped to buyers.
• The next big report is slated for July 19 when Tesla drops its financial results for the latest quarter. The report will show whether Musk’s efforts to lure in buyers by low prices has affected the profit trajectory. In the first quarter, Tesla’s operating margin fell 11.4% on an annualized basis.