Tesla Shares Surge 10% to $230 Amid Improved Demand and Lighter Discounting

Tesla shares surged by 10% on July 2, 2024, continuing a strong upward trend over the past month, where the stock has risen over 30%. This increase comes despite a 5% year-over-year decline in deliveries, which marked an improvement from a 9% decline in March 2024. The stock's rise is attributed to better demand and lighter discounting in June compared to previous months. Tesla's 30-day option implied volatility is at 56, with options activity significantly higher than the 90-day average. Additionally, Tesla's stock price has reached $230, with some analysts predicting it could hit $275 by the end of July. Tesla also filed an 8-K report, and despite the recent gains, the stock is still down 8% year-to-date. The company trades at 90x earnings.