Electric vehicle giant Tesla Inc (TSLA) is set to release its second-quarter earnings report on July 23, and market strategist Jay Woods believes it will be the report that everyone will be watching closely.

Despite Tesla shares rising 31% in the last month, they still remain below their all-time high. Woods, the Chief Global Strategist at Freedom Capital Markets, noted that Tesla is the only member of the "Magnificent Seven" that has not yet reached its peak.

In an interview with Benzinga, Woods stated, "Tesla's the one we're all gonna be talking about." He pointed out that while Tesla has made some notable moves recently, such as their delay of the robotaxi event originally scheduled for August 8, the stock seems to have paused for now.

Woods mentioned that investors are eagerly waiting to hear about Tesla's progress in autonomous vehicles and robotaxis. However, they will have to exercise patience, as these updates have been pushed back to October. Woods also expressed concerns about the overall electric vehicle (EV) market, stating that it is starting to slow down. He noted that EV stocks are not performing well and that EV sales outside of "Blue States" might face challenges, particularly with the potential return of Donald Trump to the White House and declining gas prices.

Despite these concerns, Woods emphasized that Tesla should not be solely categorized as an EV stock, but rather as a technology stock. He credits Tesla's success to its CEO, Elon Musk, and its revolutionary technological advancements, stating, "What Elon Musk has done is revolutionary. You talk about somebody that's been an innovator, that's why you buy Tesla."

In terms of Tesla's stock performance, it currently trades at $247.37, within a 52-week range of $138.80 to $278.98. Year-to-date, the stock is down 3.7% in 2024.

Investors and industry experts alike are eagerly awaiting Tesla's Q2 earnings report, hoping for more insights into the company's progress and future plans. The anticipation lies not only in Tesla's financial performance but also in the updates on autonomous vehicles, as the market reacts to each move made by Tesla and its influential CEO, Elon Musk.