Tesla's premarket trading increased by 3% following a better-than-expected deliveries report.

Tesla's premarket trading increased by 3% following a better-than-expected deliveries report.
Tesla's premarket trading increased by 3% following a better-than-expected deliveries report.
  • Citi analysts predict a positive stock price response after the release, as stated in a Tuesday note.
  • Tesla will post its second-quarter financial results on July 23.

On Wednesday, premarket trading saw more gains, with a 10% increase following the release of second-quarter vehicle production and deliveries figures that exceeded analyst expectations.

Despite a 3.07% increase in stock price at 06:54 a.m. ET, the company's stock remained 6.93% below its year-to-date value.

In the second quarter, Tesla delivered 443,956 vehicles and produced 410,831 vehicles, exceeding analysts' expectations of 439,000 deliveries.

Tesla does not break down numbers for individual car models or specific regions.

Citi analysts predict a positive stock price response after the release, as stated in a Tuesday note.

The focus will shift to Tesla's Q2 auto gross margins to evaluate the price vs. cost equation, and they emphasized the significance of any future product launch updates.

Tesla will post its second-quarter financial results on July 23.

— CNBC's Lora Kolodny and Ganesh Rao contributed to this report.

This breaking news story is being updated.

by Ruxandra Iordache

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