Tesla shares have jumped this week, sparked by a better-than-expected deliveries report for the second quarter.With the shares rallying 17% in the two trading days since the second-quarter report, short sellers have lost an estimated $3.5 billion on a mark-to-market basis, according to data from S3 Partners.It's been a painful few months for short sellers, as Tesla shares have soared 73% since bottoming for the year in April. After closing at $246.
Tesla reported second-quarter deliveries on Tuesday of 443,956, topping Wall Street estimates of 439,000. Deliveries fell 4.8% from a year earlier, but the decline wasn't as steep as the 8.5% year-over-yearWhile the deliveries report suggested demand for Tesla vehicles remains stronger than feared, it offered a limited view into company performance.
Meanwhile, Tesla's newest model, the angular steel Cybertruck, has gotten off to a slow start, with quality problems necessitating four voluntaryA Tesla Cybertruck sits on a lot at a Tesla dealership on April 15, 2024 in Austin, Texas.