- Q2 deliveries 443,956 (down 5% year-on-year)
- Record energy storage deployment of 9.4 GWh
Matt Britzman, equity analyst, Hargreaves Lansdown
“It was only a few weeks ago that investors were contemplating what life might look like without Elon Musk at the helm. Fast forward and not only has Elon secured his multi-billion-dollar pay package but Tesla has just delivered its first positive surprise of the year in its auto division. Second-quarter deliveries were ahead of expectations and markets rewarded shares with a double-digit jump. But this isn’t the time to claim victory over a weak EV market. Tesla would need a mammoth second half to match last year’s volumes, which is probably unlikely.
Perhaps the bigger nugget was tucked away in the energy delivery number. A huge jump in demand for Tesla’s energy storage products is an early sign that some of its other bets are poised to start paying off. The AI craze is set to cause a multigenerational spike in energy demand, and Tesla’s product is well placed to benefit.
Tesla has always been an enigma, a car company with so much more under the hood. If markets can gain confidence that there’s tangible demand for its other product lines, from energy to robotics, the value creation is there to be taken.”
The author holds shares in Tesla.
