On June 6, the shares of American electric carmaker Tesla (TSLA) were trading on a strong positive note for the third consecutive session. Today at 11:10 AM EDT, Tesla stock was up 6.8% for the day at $209.95.
On June 4 and 5, the company posted solid 8.2% and 5.5% daily gains, respectively. At the same time, the S&P 500 Index, the Nasdaq Composite Index, and the Dow Jones Industrial Average were up 0.2%, down 0.1%, and up 0.4%, respectively. Let’s take a closer look at the key reason for Tesla stock’s rally today.
Reports of Tesla’s solid second-quarter sales
A recent Electrek report claimed that the Elon Musk–led electric carmaker had already delivered nearly 33,000 units of cars in North America in the second quarter, citing sources.
The report also suggested that Tesla plans to deliver another 33,000 car units in North America in June. If Tesla manages to deliver 66,000 car units in North America this quarter, the numbers would already be much higher than its first-quarter global car deliveries.
Tesla’s first-quarter car deliveries
In the first quarter, Tesla’s car deliveries in North America fell sharply as the company started its first Model 3 deliveries to the European and Chinese markets.
In the quarter that ended in March 2019, the company delivered 63,019 cars globally, up 110.1% on a YoY (year-over-year) basis but down 30.7% sequentially. Tesla’s management blamed supply chain issues as it focused on delivering Model 3 cars outside North America during the quarter.
The news of stronger Tesla car deliveries in the second quarter boosted investors’ confidence and is fueling its stock rally today.