(Updated - July 2, 2023 1:28 PM EDT)
On Sunday, electric vehicle giant Tesla (NASDAQ:TSLA) posted second-quarter delivery numbers that easily topped Wall Street consensus, benefiting from price cuts.
Telsa delivered over 466,000 vehicles in the quarter, beating the Wall Street consensus of 448,350 deliveries. The company produced nearly 480,000 vehicles in the quarter.
Model 3/Y production and deliveries were 460,211 and 446,915, respectively. Model S/X production and deliveries were 19,489 and 19,225, respectively.
Commenting on the numbers, Wedbush analysts said the beat will "send bears into hibernation mode."
"Price cuts implemented early in 2023 have paid major dividends for Musk & Co. as demand appears to remain very strong and production efficiencies have allowed for the massive deliveries beat this quarter," they commented. "Overall, we believe Tesla is still on track to hit its 1.8-million-unit delivery bogey for the year with this performance and should be able to do it with a margin story that troughs over the next 1-2 quarters and ramps back up into FY24."
They reiterated their Outperform rating and $300 price target on the stock following the numbers.
"With this delivery beat, we believe the sum-of-the-parts story for Tesla is another step towards coming into play with its newly released supercharger network OEM deals, energy business, AI driven autonomous path, unmatched battery ecosystem, and increased production scale/scope globally adding to the Tesla golden EV success story," they added.