Tesla’s (NASDAQ:TSLA) impressive Q2 2023 vehicle delivery and production results are leading some momentum in the electric vehicle sector. While TSLA shares rose on Monday amidst the electric vehicle maker’s ramp of its capacity, other EV makers like NIO, Li Auto, Rivian, and Lucid, also appear to be seeing some strength.
Tesla reported strong second-quarter results, with the company producing 479,700 cars and delivering 466,140 vehicles between April and June. It should be noted that while the numbers are record-setting, the growth rates of the company’s deliveries are not as drastic anymore. The Q2 figures, for one, were up just 38,900 on the production side and 43,265 on the delivery side.
As noted in a report from The Motley Fool, Tesla’s Q2 results suggest that the company is really pushing to achieve 2 million vehicles by the end of the calendar year. Tesla has noted that it would be pushing to deliver 1.8 million cars by the end of the year, though CEO Elon Musk has suggested that the company will be looking to deliver 2 million cars by year-end instead.
Amidst the positive sentiment surrounding Tesla stock following the EV maker’s Q2 delivery beat, fellow electric car makers also seem to be getting some momentum. NIO, a premium EV maker in China, saw its stock rise 4% as of writing, while Li Auto, another Chinese electric car maker, saw its stock rise 8.4% as of writing. Xpeng, yet another EV maker from China, saw its stock rise 4.92% as of writing.
Electric vehicle makers from the West also seem to be starting the week strong. Rivian, which recently announced that it would be adopting Tesla’s North American Charging Standard (NACS), saw a 14% rise as of writing, while Lucid, an EV maker that is holding out on NACS adoption, saw its stock rise 5.8% as of writing. Even Nikola, which has been beleaguered for some time now, saw its stock rise 5.43% as of writing.
Tesla’s strong second-quarter results suggest that the electric vehicle sector is gaining traction. With Tesla now producing large volumes of cars every quarter and with newer players like Rivian showing strong results as well, the EV industry seems headed towards a bright future.
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Keyword: Amidst Tesla’s breakout Q2 numbers, fellow EV players see momentum