Tesla (NASDAQ:TSLA) is among a group of stocks that Wall Street has dubbed the “Magnificent Seven.” These seven companies, comprised of Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla, are dubbed as such due to their high performance and influence in the tech sector. Earlier this year, however, it seemed like Tesla did not really belong to the list.
As noted in a Fortune report, Tesla practically became the butt of jokes on Wall Street because the stock trailed the rest of the Magnificent Seven by a substantial degree, and its growth seemed to have stopped. Following the release of the Q2 2024 vehicle delivery and production report, however, TSLA stock showed an incredible rise.
So notable was TSLA stock’s rise following the release of the company’s Q2 2024 vehicle delivery and production report that the electric vehicle maker was able to fully recoup its year-to-date losses after the company boosted its market cap by $150 billion in just three days. That’s a pretty insane amount considering that Ford currently has a market cap of $51.26 billion and GM has a market cap of $53.08 billion.
Tesla stock generally stayed in the $180 level for the better part of the last two months, but with the electric vehicle maker’s recent momentum, TSLA bulls are hoping for even more gains in the coming months. Trading & investing tool Barchart, for one, observed last week that TSLA shares have broken their 2.5-year downward trend. And with the upcoming unveiling of the dedicated Robotaxi next month, Tesla’s momentum could continue in the latter half of the year.
Tesla $TSLA has done it! 2.5 year downtrend finally broken 🥳🍾🫂 pic.twitter.com/9kEQejJoNb
— Barchart (@Barchart) July 3, 2024
Tesla will have a very busy Q3 and Q4, especially since CEO Elon Musk noted during the company’s Q1 2024 earnings call that he expects the company to see higher sales this year compared to the previous year. For context, Tesla has so far been able to deliver 830,776 vehicles over the first and second quarter of 2024. In comparison, the company was able to deliver a total of 1,808,581 vehicles in full year 2023. If Tesla wishes to exceed its 2023 deliveries, the company would have to deliver more than 978,000 vehicles between Q3 and Q4 2024.
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