Tesla Inc. stock rose 10 percent on Tuesday after the EV maker reported a slight decline in sales from April to June.

At 10:36 a.m. EDT, Tesla stock was at $230.86, up $21.00 or 10.01%.

The electric vehicle maker’s global sales fell for a second straight quarter despite price cuts and a low-interest financing offer, but the figures were better than analysts had forecast.

Austin, Texas-based Tesla said it sold 436,956 vehicles from April to June, down 4.8 percent from 466,140 vehicles sold in the same period last year.

The automaker also sold more than 33,000 vehicles from its production during the quarter.

Almost all of Tesla’s sales came from the smaller and less expensive Models 3 and Y, while the company sold just 21,551 of its more expensive models, including the X and S, as well as the new Cybertruck.

In the six months to 2024, Tesla had 910,000 vehicles sold worldwide. Its rival China’s BYD sold 726,153.

Earlier, Chief Executive Officer Elon Musk said Tesla would introduce new and more affordable models by early next year.

The company is scheduled to report its second quarter earnings on July 23.

In January, Tesla predicted “significantly low” sales growth this year.

US stock markets

U.S. stocks fell on Tuesday after Federal Reserve Chairman Jerome Powell said more economic data was needed before cutting interest rates.

At 10:11 a.m. ET, the Dow Jones Industrial Average was down 38.01 points, or 0.10%, at 39,131.51, the S&P 500 was down 7.23 points, or 0.13%, at 5,467.86, and the Nasdaq was down a point, or 19%. at 17,859.79.

Shares of Microsoft and Apple reversed early losses, rising 0.1% and 0.8%.

Chip giant Nvidia fell 2.3%, Alphabet fell 0.4%, and MetaPlatforms fell 0.5%.

The jobs report showed that job openings rose to 8.14 million in May.

In the bond market, the yield on the 10-year Treasury fell to 4.41 percent from 4.46 percent late Monday.

3.6 crore Indians visited in a single day and chose us as India’s undisputed platform for general election results. Discover the latest updates. Here!

Source link