Tesla shares move higher as delivery numbers come in as expected

Key Concepts:

• Tesla Q2 2024 Delivery Numbers
• Tesla China Sales Performance
• Tesla Annual Delivery Targets
• Rivian Q2 2024 Delivery and Production Numbers
• Rivian Annual Guidance
• Model Shift Changeover (Rivian)

Tesla Q2 2024 Delivery Numbers

• Tesla delivered 384,122 vehicles in Q2 2024.
• This figure was slightly below overall estimates but better than some analysts' more pessimistic predictions (some predicted as low as 355,000-360,000).
• Deliveries declined by 13.5% compared to Q2 of the previous year.
• For the first half of the year, Tesla delivered 728,803 vehicles.

Tesla Annual Delivery Targets

• Tesla delivered approximately 1.89 million vehicles last year.
• To exceed last year's total, Tesla needs to deliver approximately 1.1 to 1.15 million vehicles in the second half of the year.
• Some analysts predict Tesla will deliver closer to 1.65 million vehicles for the full year.

Tesla China Sales Performance

• June sales in China were up slightly under 1% year-over-year.
• This is an improvement after five consecutive months of declining sales in China.
• It is uncertain whether this indicates a stabilization of sales in China.

Tesla Q2 Results and Bottom Line Pressure

• Tesla's Q2 results, expected in the third week of July, will reveal the extent of pressure on the company's bottom line.

Rivian Q2 2024 Delivery and Production Numbers

• Rivian delivered 10,661 vehicles in Q2 2024.
• This was generally in line with expectations.
• Q2 production was just under 6,000 vehicles, a considerable decrease.

Rivian Annual Guidance and Model Shift Changeover

• Rivian has affirmed its annual guidance of delivering between 40,000 and 46,000 vehicles.
• The decrease in Q2 production is attributed to a model shift changeover at the plant in central Illinois.
• The lower production numbers may be putting pressure on Rivian's stock.
• Rivian will be reporting their Q2 results on [Date not specified].

Synthesis/Conclusion:

Tesla's Q2 delivery numbers, while down year-over-year, were not as bad as feared, with a slight improvement in China sales. The upcoming Q2 results will be crucial in assessing the company's financial health. Rivian's deliveries were in line with expectations, but production was down due to a model changeover, potentially impacting its stock price. The company maintains its annual delivery guidance.