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Tesla reported strong delivery and production numbers for the second quarter of the year. Wedbush analyst Dan Ives believes it shows the “worst is in the rear view mirror” for Tesla and CEO Elon Musk as “the EV demand story is starting to return to the disruptive tech stalwart ahead of a historical Robotaxi Day on August 8th.” Tesla delivered 443,956 vehicles in the second quarter, including 422,405 Model 3 and Model Y, and 21,551 “other vehicles” such as the Model S, Model X, and Cybertruck. Additionally, Tesla deployed 9.4 GWh of energy storage products, more than double its previous record.
Ives sees this strong performance as setting the stage for the upcoming Robotaxi Day, with expectations for Tesla’s autonomous story to progress. Despite some challenges faced earlier in the year, Tesla now seems well-positioned with sufficient liquidity to fund its plans. Ives anticipates August 8th to be a significant moment for Tesla’s future, especially in demonstrating its autonomous and Full Self-Driving (FSD) capabilities.
With Tesla surpassing expectations and key milestones ahead, including the Robotaxi unveiling, the outlook for Q3 appears positive. Ives emphasizes the importance of autonomous and FSD vision for Tesla’s valuation growth, highlighting recent advancements and testing in China. The next six months are expected to bring further catalysts for Tesla, building on the momentum gained from the successful Q2 performance.
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