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Tesla (NASDAQ:TSLA) stock has been on quite the tear lately ahead of its crucial second quarter earnings report set for July 23. Early signs point to potentially strong results.

Indeed, TSLA stock is up roughly 9% today after the company posted its Q2 vehicle production and deliveries report for 2024. Tesla delivered 443,956 vehicles in Q2, and produced 410,831 vehicles over the same period.

While this is actually down from the 466,140 vehicles delivered in the same quarter last year, it’s up from Q1’s 388,810 delivered vehicles. Importantly, Tesla also beat analyst expectations of 439,000 deliveries in Q2.

Some believe this represents a sort of turn of fortune for the downtrodden EV industry this year.

“We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months,” Citi analysts noted on Tuesday. “From here, the focus will turn to Tesla’s Q2 auto gross margins to gauge the price vs. cost equation (Tesla reports July 23), as well as any updates on future product launches.”

TSLA Stock Shows Signs of Life Amid Difficult Year for EV Industry

Tesla has faced stiff competition this year, and shares are suffering as a result. TSLA stock is down 8% in 2024 after clawing back from a YTD loss as high as 43% in late April. Since then, Tesla shares have rallied more than 50% in a surprise comeback for the EV giant.

Many investors are looking ahead to Tesla’s Q2 earnings call, hoping for news related to its highly anticipated robotaxi or “CyberCab.” Some investors, including the likes of Ark Invest CEO Cathie Wood, believe Tesla’s potential as a robotaxi business represents the majority of its untapped value.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.