Tesla shareholders cheer, seeing their shares rise 35%, in seven trading days, adding $204 billion in value, while they're excited for more share price growth

Jessica Amir joined discussion · Jul 5 07:26

Well done long term fellow Tesla $Tesla(TSLA.US)$shareholders. Tesla shares finally turned a corner and are up 35%, in seven trading days after Tesla sold more EVs that expected last quarter.

See my Instagram post here.

After Tesla shares had their longest winning streak in more than a year, its now on track to break even for the year.So what do you need to know?

Well Tesla is still the EV pin up darling, darling global rising competition.Tesla sold 43,956 vehicles in the second quarter.

And that was better than the average analyst expected of 439,302. Yes the Electric vehicle giant's sales are down 4.8% from a year ago, but Tesla's sales are improving.What else do you need to know?

Well Tesla produced 410,831 EVs in the quarter, which was 14% less than the same time last year.

Whats the next catalyst for Tesla shares? Well they report quarterly earnings on July 23, which should be an encourage report card, and be a positive indicator for the broader EV market.

Tesla's results have missed earnings expectations, meaning disappointed analysts on 6 out of the 8 last results.

I believe along with Wall Street analysts, that Tesla's tumultuous times could be behind it.We all knowCEOElon Musk previously announced major staff cuts in April, reducingheadcountby 20%.

So Tesla's earnings may be a really nice surprise and further boost its shares.

Why expect a surprise? Well Tesla rolled out the Cybertruck, its first new model in years. Plus its Full Self-Driving (FSD) should boost its gross profits, and Tesla’s boost in energy storage could also bode well for Tesla's profits.