Investors who were betting on further Tesla stock rising finally won with a big piece of profit during a shorter work week on Wall Street before the US Independence Day. The giant EV maker has done a mighty jump over a $200 per share barrier to touch above $240 in just three days. This impressive step after six months of accumulating phase to quality price action followed the delivery number of 443,956 vehicles in the last quarter, reported on July 2. Preliminary analyst pool estimates were already high enough at nearly 438,000 on average, yet the actual result was even better and up 14.8% from the preceding quarterly period. Tesla deliveries are still almost 5% lower YoY, yet progressing is evident to tamp down fears of prolonged negative scenarios due to the competition factors and rather prohibitive costs of many models for consumers.

However, it was a set of price cuts and incentives (0% or low-rate financing for a car purchase), which helped stimulating demand. This allows the EV maker to conquer more regions of the world by expanding Tesla market outlets but may put down its business marginality. Therefore, some cautious profit taking could be appropriate ahead of Tesla's financial Q2 results, scheduled for the night of July 23. All now-optimistic crowd members would also have two weeks more to digest the whole picture before the RoboTaxi Day on August 8, where the billionaire Elon Musk and his colleagues are going to describe more details on the autonomous driving options.

A more than 20% comeback in the heart of the summer automotive season is great, yet a 2023/2024 comparison marked the first YoY sales fall. High interest rate background contributed to this failure as well, as Elon Musk repeatedly cited the central bankers' pressure. Tesla CEO said in January that he expected "notably lower" growth in deliveries this year, and the company even dropped its previous target of delivering 20 million vehicles a year by 2030 in its annual impact report in May. An affordable EV model is badly needed, which had been expected to cost $25,000, but its appearance was postponed. Next year may bring better news, but the current headwinds are here, which may result in lasting technical consolidation of Tesla shares, basically between $210 and $255, if the nearest July 23 quarterly report and Robo Taxi event would not reveal more miracles.

Wedbush Securities said the worst is now likely in the rear-view mirror for the company, yet Goldman Sachs only maintained a Neutral rating on shares of Tesla with a price target of $175.00, while Citigroup has its longer-term price target of $182.00, even though it is anticipating "improved sentiment towards Tesla's shares in the coming months".