WASHINGTON (dpa-AFX) - Shares of Tesla Inc. gained more than 10 percent on
Tuesday's regular trading after the luxury electric vehicle giant reported its
second-quarter vehicle deliveries, which were said to be above market estimates.
The deliveries increased sequentially, but was lower than the prior year,
despite efforts to boost demand. Meanwhile, quarterly production of vehicles was
lower year-over-year and sequentially.

In the second quarter, the company produced around 410,831 vehicles and
delivered 443,956 vehicles. As per Bloomberg data, analyst consensus estimate
for deliveries was 439,302 vehicles.

In the preceding first quarter, Tesla's production was around 433,371 vehicles
and deliveries were around 386,810 vehicles.

In the prior year, Tesla produced 479,700 vehicles in the second quarter and
delivered over 466,000 vehicles.

In the latest second quarter, the company produced 386,576 models 3/Y and 24,255
other models, and it delivered 422,405 models 3/Y and 21,551 other models.

The company also said it deployed 9.4 GWh of energy storage products in the
quarter, the highest quarterly deployment yet.

Tesla is scheduled to release its second-quarter results after market close on
July 23.

The latest report comes as the car maker is struggling with weak demand and
tough competition in the U.S. and Europe, as well as in its major market of
China.

Amid the struggles, a June notice displayed on its website for some of the
European Union block countries, including Germany, France, Ireland, Belgium and
Hungary, showed that Tesla was getting ready to increase the price of its Model
3 electric vehicle that are made in China and exported to the EU from July
onwards.

The notice urged prospective buyers of Model 3 in the EU to place their orders
before the end of June, before the expected import duties to be imposed on EVs
by the EU on such vehicles manufactured in China.

In May, the Biden administration had announced tariff on Chinese EVs as well as
EV batteries and other parts in an effort to stop the flooding of cheap Chinese
EVs to the domestic market.

Earlier this year, Tesla founder and CEO Elon Musk had remarked that in the
absence of trade restrictions, Chinese EV companies will crush competitors
elsewhere.

On the Nasdaq, Tesla shares closed Tuesday's regular trading at $231.26, up
10.20 percent. In the extended trading, the shares lost 0.06 percent to trade at
$231.11.



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX