Tesla's stock (TSLA) experienced a more than 10% jump on Tuesday after the electric vehicle giant reported impressive quarterly vehicle deliveries that surpassed Wall Street expectations. According to Bloomberg data, the EV maker delivered a total of 443,956 vehicles in the second quarter, exceeding analysts' consensus estimate of 439,302.

A company statement revealed that Tesla produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles during the second quarter. The breakdown by car type showed that Tesla delivered 422,405 Model 3/Y vehicles and 21,551 units of other models.

Although the second-quarter delivery figure was higher than the 386,810 vehicles delivered globally in the first quarter, it fell short of the approximately 466,140 vehicles delivered during the same period last year. Despite this year-over-year drop, some analysts interpret the relatively strong performance as a positive sign for the EV industry, indicating resilience in the face of challenging market conditions.

Citi analysts expressed optimism, stating, "We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months." They highlighted that the focus will now turn to Tesla's second-quarter auto gross margins, which will provide insight into the price vs. cost equation. Tesla is scheduled to report these figures on July 23, along with any updates on future product launches.

Tesla has faced tough competition from Chinese counterparts in the global EV market, while also navigating a waning market for electric vehicles. In an effort to reduce costs, the company embarked on a plan earlier this year to cut over 10% of its global staff. During Tesla's recent shareholder meeting, CEO Elon Musk acknowledged that near-term demand and sales may continue to face challenges during this transitional period for the industry.

Wells Fargo analysts had previously predicted that the company's gross margins would be impacted given the crowded EV market. They noted that flattening EV adoption in the US and EU, coupled with aggressive competition in China, leave limited avenues for immediate volume growth. The firm holds an Underweight rating on Tesla's stock with a $120 price target.

It is worth mentioning that Tesla's sales of the Cybertruck remain undisclosed. However, investors have been able to glean details about Cybertruck deliveries based on recalls, with last month's announcement marking the fourth recall since its release. The notice indicated that 11,688 trucks appeared to be affected.

In anticipation of Tesla's delivery numbers, the company's shares had already gained over 6% on Monday, buoyed by the better-than-expected delivery figures reported by Chinese peers Li Auto (LI), Nio (NIO), and XPeng (XPEV). Tesla's stock has now rallied over 55% since its 52-week low on April 22, although it remains down nearly 7% year to date.