Tesla announced second-quarter vehicle deliveries that exceeded expectations

by Amit Tiwari
5 months ago

Tesla officially confirmed the vehicle deliveries of the second-quarter that exceeded expectations, which was not good news for traders who shorted Tesla's stock. According to S3 Partners, as Tesla's stock price soared 17% in the two days after the release of the second-quarter delivery volume, short sellers lost about $3.5 billion in market value.

Tesla's stock price has risen 73% since bottoming out in April. As of Wednesday's close, Tesla's stock price closed at $246.39, just $2 away from erasing its losses this year. Currently, Tesla's short position accounts for 3.5% of the outstanding shares, which means that 97 million shares are shorted with a notional value of US$22.4 billion. Tesla reported second-quarter deliveries of 443,956 vehicles on Tuesday, beating Wall Street analysts’ expectations of 439,000 .

Tesla has been trying for months to spur purchases of its electric vehicles with discounts, low-interest or no-interest loans and other incentives as sales of its vehicles slump due to the aging of its current models and as competitors emerge.