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Tesla shares speed ahead on deliveries

Wednesday, July 03, 2024

Today’s headlines

What’s happening: Tesla’s stock surged on Tuesday, after the company reported deliveries for the second quarter.

What happened: The EV maker’s second-quarter deliveries contracted by 4% year-on-year but still came in above market expectations.

Shares of Rivian Automotive also rose after the EV startup reported upbeat deliveries.

Why it matters: Tesla said on Tuesday that it had delivered 443,956 vehicles in Q2 and produced 410,831 units. Of these, the EV maker’s Model 3 and Model Y accounted for a total of 422,405 deliveries.

Tesla’s latest figure marked a 4% contraction compared to the 466,140 vehicles delivered in Q2 of 2023. The company had reported record deliveries of 484,507 in Q4 of 2023.

The latest deliveries marked 15% growth versus the previous quarter’s 386,810 units and came in significantly higher than market expectations of 436,000 vehicles.

Meanwhile, smaller rival Rivian Automotive reported 13,790 vehicle deliveries in Q2, ahead of the consensus estimates of around 12,000. Management also reiterated their full-year production guidance of 57,000 units.

Rivian Automotive has recently inked a partnership with Volkswagen under which the German automaker would inject up to $5 billion in the company in exchange for its engineering expertise.

Tesla’s stock jumped 10.20% to close at $231.26 on Tuesday. Shares of Rivian Automotive added 6.97% to settle at $14.89.

What to watch: Investors will monitor economic growth in China, which accounts for nearly 60% of global EV sales. Markets will also watch developments in the collaboration between Volkswagen and Rivian Automotive.

The markets today

The Canadian dollar will be in focus today ahead of balance of trade data

Context: The CAD/USD forex pair edged higher on Tuesday, continuing its recovery from the two-week low hit last week.

Details: The loonie was supported by a surge in the price of crude, one of Canada’s major exports. WTI crude prices rose by more than 2% on Monday to close at $83.38 a barrel.

Oil prices spiked another 1% to temporarily breach the $84 mark on Tuesday. Although crude fell, it remained comfortably above $83 a barrel.

Investors shrugged off the release of a lower-than-expected PMI figure. The S&P Global Canada manufacturing PMI came in at 49.3 for June, unchanged from May. This was below the consensus estimates of 50.2 and was the 14th consecutive month of contraction in factory activity in the country.

Some weakness in the US dollar, following dovish comments from Federal Reserve Chairman Jerome Powell, also supported the CAD/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, declined by 0.20% to 105.69 on Tuesday.

The CAD/USD forex pair rose 0.3% to 73.05 on Tuesday.

What to watch: Investors await the release of economic data on the balance of trade from Canada today. The country had reported a trade deficit of C$1.05 billion for April, almost half the deficit of C$2 billion recorded in March and much better than market expectations of C$1.4 billion. However, analysts expect Canada’s trade deficit to widen to C$1.2 billion in May.

Other Markets: US trading indices closed higher on Tuesday, with the Dow Jones index, Nasdaq 100, and S&P 500 up by 0.41%, 0.84%, and 0.62%, respectively.

The news shaping the markets

Russia attacked the central Ukrainian city of Nikopol, damaging residential and educational facilities. The RUB/USD remained highly volatile in forex trading this morning.


Australia’s retail sales grew by 0.6% in May 2024, accelerating from 0.1% in the prior month. The figure significantly exceeded market expectations of 0.2% growth, lending support to the AUD/USD forex pair.


Singapore’s S&P Global PMI rose to 55.2 in June, from 54.2 in the previous month. Despite this being the fastest expansion in the second quarter, the SGD/USD forex pair fell sharply in forex trading this morning.


Saudi Arabia’s PMI fell to 55 in June, from a four-month low of 56.4 in the previous month. This being the weakest expansion since January 2022 exerted pressure on the SAR/USD forex pair.


China’s services PMI declined to 51.2 in June, from a 10-month high of 54.0 in May. Although the figure was much lower than forecasts of 53.4, it marked the 18th consecutive month of expansion in services activity, keeping the CNY/USD almost flat in forex trading this morning.

What else to watch today

The US balance of trade, initial jobless claims, services PMI, factory orders and services business activity, Brazil’s services PMI, Russia’s unemployment rate, business confidence, real wage growth and retail sales, Mexico’s balance of trade, unemployment rate and interest rate, and the EIA’s crude and gasoline stockpiles.


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