Stifel: 2Q24 delivery numbers from Tesla, Rivian positive for shares

Analysts believe strong delivery numbers for Tesla (NASDAQ:) and Rivian Automotive (NASDAQ:) in the second quarter of 2024 (2Q24) will positively impact their share prices.

Tesla surpassed expectations with deliveries of 443,956, exceeding the estimate of 432,859 and the consensus of around 438,000.

This news is seen as positive, particularly given pre-existing concerns and a high short position against the stock.

Rivian also exceeded expectations, surpassing both estimates and its preliminary guidance for deliveries in 2Q24.

Analysts anticipate a positive reaction in the stock market today for both companies.

For Tesla, the revamped Model 3 is believed to be a key factor in the strong delivery numbers. However, the second-quarter vehicle production number of 410,831 fell short of the projection (478,015).

Rivian delivered 13,790 vehicles in the second quarter, surpassing the estimate of 11,550 and consensus expectations. The company’s 2Q24 production of 9,612 vehicles also exceeded forecasts and the estimate of 9,240. In addition, they maintained their full-year 2024 production target of 57,000 units, aligning with the forecast.

Overall, analysts view the robust delivery figures as positive for both Tesla and Rivian’s share prices.