Tesla closes +4.65% at $370.59 on delivery surprise
Tesla stock closed Friday up 4.65% at $370.59 after Q3 deliveries of 486,532 topped the company-compiled consensus of 461,974 by 24,558 units (+5.3%). Wedbush's Dan Ives called it "a big step in the right direction," and the next checkpoint is automotive margins at this month's earnings report.
Tesla shares closed up 4.65% at $370.59 on October 2. The Q3 delivery report released before the open — 486,532 vehicles against a company-compiled consensus of 461,974 — sent the stock up nearly 6% intraday before it gave back part of the gain into the close.
Deliveries were down 2.1% from a year earlier, but the market traded on the surprise: the 24,558-unit beat was the widest in recent quarters. Wedbush's Dan Ives told CNBC the print was "a big step in the right direction," easing some demand concerns.
What the report doesn't show is whether the beat required heavier discounting — automotive gross margin at this month's Q3 earnings report is the next checkpoint that will decide whether the rally holds.
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