Tesla crushes delivery numbers as weak jobs report sinks the dollar — long TSLA on double tailwinds
Tesla just announced much better-than-expected vehicle deliveries just as a weaker U.S. dollar makes American exports cheaper and more profitable overseas. This is a perfect storm for their stock to break out.
Idea
Yahoo Finance and CNBC both reported that Tesla comfortably beat its Q2 delivery estimates by shipping over 480,000 vehicles, proving consumer demand is still robust despite previous sales declines. Meanwhile, a weak U.S. jobs report caused the U.S. dollar to drop to a three-month low. A weaker dollar directly boosts companies with massive international sales because it makes their cars cheaper for foreign buyers and increases the value of overseas profits when converted back to USD. While the broader Nasdaq struggles with a chipmaker selloff, Tesla has a unique catalyst to buck the tech market downtrend and rally on its own fundamental and macro tailwinds.