Tesla share price remained upbeat on Tuesday, rising substantially by 9 percent to trade at $228 during the New York trading session. That brings TSLA’s gains this week to 15.6 percent, underlining a bullish momentum around the stock. The latest market rally is fueled by news that the company beat deliveries expectations in the second quarter of the year.
Tesla delivered 443,956 vehicles in Q2 2024, which was 4.8 percent lower than the corresponding quarter last year, but 14.8 percent higher than the previous quarter. Furthermore, the figure exceeded the average 439,000 units forecast by FactSet Street. The sales included 422,405 units of Models 3 and Y, and 21,551 units of other models.
The company has faced a myriad of challenges in 2024, with increasing competition in China being a key factor. China is a leading market for Tesla, with the company having earned $21.75 in revenue from that market in 2023. Alive to this fact, Tesla has offered its China customers interest-free loans to stimulate uptake of its models in a highly incentivised market.
The Tesla stock price is set for a potentially highly volatile period in the coming weeks, starting with its second quarter earnings release on July 17. Afterward, attention will likely shift to the much-anticipated announcement around its robotaxis venture on August 8. Tesla CEO Elon Musk has highlighted self-driving vehicles and robotaxis as the company’s next big frontier, and the world’s eyes will be focused on the big announcement in what could be a defining moment in the EV race and potentially propel Tesla to new highs.
Technical analysis
The momentum on Tesla share price favours the buyers to stay in control above the $225.14 pivot mark. That could see the upside meet the first resistance at $231.32, beyond which extended control by the buyers could send TSLA price higher to test $235.64. On the other hand, a move below $225.14 will signal control by the sellers, with the downside likely to find the first support at $218.68 Extended control by the sellers at that point will breach the support, thereby invalidating the upside narrative and potentially sending TSLA to test $213.44.
