Tesla shares rise more than 7% after delivery and production numbers beat expectations

Tesla shares rose more than 7% in Monday morning trading, driven in part by stronger-than-expected second-quarter deliveries and production numbers.

The numbers, from the automaker’s Sunday report, are the closest company-disclosed approximation of sales and are closely watched by analysts and shareholders.

Analysts expected 445,925 deliveries for the period ending June 30, 2023. Tesla beat that estimate by more than 20,000 cars, delivering 466,140 vehicles for the second quarter of 2023.

The delivery number was propelled by incentives and discounts offered to buyers in the first half of the year, and by a $7,500 federal tax credit under the Inflation Reduction Act in the U.S.

Tesla shares are up nearly 126% year to date, after a bruising 2022 performance that left them headed for historic lows. Shares remain well off pandemic highs, when the stock briefly sustained above $407 in November 2021, but have since largely recovered from a December 2022 bottom of $101.81.