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Shares of Tesla (NASDAQ: TSLA) have been on the comeback trail recently, and that continued on the first trading day of July. Shares of the leading electric vehicle (EV) maker were higher by 5.5% as of 11:10 a.m. ET Monday morning. The stock is now up by about 18% over the past month.
Today’s jump comes just a day before Tesla is expected to report its second-quarter EV delivery data. While estimates have been trending lower, delivery reports from Chinese EV makers today have investors feeling more optimistic about what the American company will say.
The Chinese EV market has been crucial for Tesla, whose most productive factory is in Shanghai. Today, several Chinese EV makers reported strong June and second-quarter deliveries. That might bode well for what Tesla has to share tomorrow.