Tesla (NASDAQ:TSLA) stock has gained in recent weeks after beating delivery expectations in the second quarter. The Elon Musk-run company has seen its shares rise 40.9% over the past 30 days and now trades with some enormous valuation multiples. I’m still neutral on Tesla, as I appreciate that Robotaxi and robotics could be game-changing for the business, but the valuation is hard to justify.
A Resurgent Tesla
In Q2, Tesla’s deliveries were down by 4.8% year-over-year (YoY), but this was better than the market expected. In the three months to June 30, Tesla delivered 443,956 vehicles, representing a 14.8% increase versus the first quarter. The stock has surged since, with positive figures across the electric vehicle (EV) sector inferring resurgent demand.
Tesla stock had already started pushing upward in June after shareholders voted in favor of giving Musk his 2018 $56 billion pay package and reincorporating the…
