Tesla shares jump 4% as investors discount EV maker's lower than estimated Q2 deliveries
shares shot-up 4% in the opening trade on Wednesday, hitting the day's high of $313 per share. The uptick was accompanied with strong volumes as nearly 12 crore shares changed hands on the
Nasdaq
.
The Tesla shares rallied notwithstanding a sharper-than-expected fall in second-quarter deliveries. The electric vehicle maker delivered 3,84,122 vehicles in the second quarter, down 13.5% from 443,956 units a year ago.
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A Reuters report said that analysts had expected it to report deliveries of about 394,378 vehicles.
Its shares, which have shed more than 25% this year, rose 7% in premarket trading.
Tesla had said it would start producing a cheaper vehicle — expected to be a pared-down Model Y, by June end. Reuters had reported in April that it was delayed by at least a few months.
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Today's rally comes after a sharp decline on Tuesday following US President
Donald Trump
's threat of deporting
Elon Musk
after the South African-born billionaire slammed Trump's 'big beautiful bill'.
With the bill becoming a talking point, Street remains nervous about its impact.
Major indices on the
Wall Street
were trading mixed in the early trade with the
DOW
30 trading down by 87.57 points or 0.20% at 44,407.40 while S&P 500 declining by 0.03% at 6,196.38. The Nasdaq Composite was up though, gaining 0.23% and trading at 20,249.60 around 9:57 AM ET (7:20 pm India time).
Tesla shares remain under stress amid an ongoing spat between Elon Musk and President Donald Trump in respect of the bill. Trump had on Tuesday said that the Department of Government Efficiency (
DOGE
), which Musk headed before stepping down late May -- may train its sights on the Tesla and SpaceX founder's government subsidies.
"I don't know. We'll have to take a look," AFP reported, quoting Trump. He was speaking to the press at the White House and said this when asked if he would consider deporting Musk. "We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon."
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Trump doubled down on the threat when he said he believed Musk was attacking his so-called "One Big Beautiful Bill" because he was annoyed that it had dropped measures to support electric vehicles (EV).
"He's losing his EV mandate. He's very upset about things, but you know, he could lose a lot more than that, I can tell you right now. Elon can lose a lot more than that," the AFP report said
The world's richest person, with a fortune of $351 billion, was Trump's biggest donor in the 2024 election and initially maintained a near-constant presence at the newly elected president's side.
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