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Tesla's Q2 Vehicle Delivery Skyrockets, Crushing Wall Street Predictions

Tesla, the EV titan, defies expectations with record-breaking Q2 deliveries, sending Wall Street's forecasts for a toss.

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Tesla's Q2 Deliveries: A Surprise Beat

In an impressive display of performance, Tesla Inc. (NASDAQ: TSLA), the trailblazer of electric vehicles, disclosed its delivery numbers for the second quarter. These figures were significantly above Wall Street's estimates, a win primarily attributed to strategic price cuts implemented by the company.

Production Figures: A Closer Look

Tesla made more than 466,000 vehicle deliveries within the quarter, smashing through Wall Street's projection of 448,350 units. The company's production rate also kept up the pace, churning out almost 480,000 vehicles within the same period. Diving deeper into the models, Tesla reported 460,211 Model 3/Ys produced with 446,915 deliveries, while 19,489 Model S/Xs were produced, delivering 19,225 to customers.

Analysts' Take: A New Era of Growth for Tesla

Offering a viewpoint on these promising numbers, Wedbush analysts posited that the delivery beat could send bearish investors into a 'hibernation mode.' Analysts highlighted that the price adjustments made at the beginning of 2023 have yielded considerable rewards for Elon Musk's firm.

Tesla's Trajectory: A Glance at Future Potential

They further commented, "Despite this quarter's massive delivery beat, demand shows no sign of wavering, and production efficiencies have set Tesla on track to meet its annual delivery target of 1.8 million units." In addition to achieving this, they predict a promising margin narrative that will unfold over the next few quarters and pick up speed entering FY24.

Price Targets and Future Prospects

Maintaining an 'Outperform' rating and a $300 price target on Tesla stocks, Wedbush analysts believe that Tesla's "sum-of-the-parts" story is inching towards realization. This promising picture includes an array of factors such as the newly introduced supercharger network OEM deals, a growing energy business, a leading AI-driven autonomous path, an unparalleled battery ecosystem, and expanded global production capacity - all of which contribute to Tesla's golden success story in the electric vehicle market.