[Moo Brief] TSLA: King of the hill - Is Q2 vehicle delivery the sole driver of stock surge?

Yesterday, $Tesla(TSLA.US)$ climbed 6% to $231.26, reaching a record high since January 12.

Behind the 15% rise within 2 days is $Tesla(TSLA.US)$'s Q2 vehicle delivery number of 443,956, higher than the market expectation of 438,000. Despite a 5% delivery decrease compared to Q2 2023, the narrower decrease in Q2 2024 surprised the market and led to improved inventory and profits, boosting the stock price.

In a market where intense competition has raised concerns about demand for new energy vehicles, $Tesla(TSLA.US)$'s Q2 performance has undoubtedly relieved these concerns, generating optimism and trading fervor.

But is the growth in Q2 vehicle deliveries the only factor driving $Tesla(TSLA.US)$'s recent stock price increase? Not necessarily. $Tesla(TSLA.US)$'s energy storage business has enormous potential and is expected to meet the demand for electricity grids of many AI data centers.

In Q2, $Tesla(TSLA.US)$ deployed a record-high 9.4GWh of energy storage products, surpassing the total energy storage for all of 2023 in the first half of 2024. At the shareholders' meeting on June 13, $Tesla(TSLA.US)$ revealed that its energy storage and fixed battery pack business is growing rapidly, with an annual growth rate of 200% to 300%. $Tesla(TSLA.US)$ also announced earlier that it will deploy a new energy super factory in Shanghai, China.

In addition, $Tesla(TSLA.US)$ is expected to launch its Robotaxi self-driving car service in August, using its proprietary FSD (Full Self-Driving) technology. This move is expected to disrupt the industry's traditional business model, which will undoubtedly trigger a strong market reaction.