Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today's Tuesday, July 2nd, and I'm'm your host Kim Kahn. Our top story so far.

Tesla rallied with shares approaching a 2024 high after it reported

443,956 deliveries for Q2, beating expectations of a little more than 439,000 vehicles.

Most of Tesla sales came from the smaller and cheaper models 3 and Y lines,

with the company selling only 21,551

of its more expensive models that include

X and S, as well as a new cyber truck.

Wedbush securities analyst Dan Ives said Q2 was a huge

comeback performance from Tesla and CEO Elon Musk with the street expecting a

clear mist this quarter amid choppy EV demand.

Ives reiterated that Wed Bush sees the automaker as more of an AI robotics play

than a traditional car company.

Meanwhile, CFRA analyst Garrett Nelson noted that Tesla continues to ride a wave of positive

momentum following its annual meeting in June at which shareholders re-approved

Musk's 2018 compensation plan. At the meeting we think Musk successfully shifted investor focus to long-term

opportunities in AI, robotics, energy storage, and other business lines diverting

attention away from the near-term challenges," he said.

In addition, Rivian Automotive said it produced 9,612 vehicles at its manufacturing facility in normal

Illinois during Q2 and delivered 13,790 vehicles during the period.

The EV Maker said that was in line with expectations and management reaffirmed

full-year guidance for annual production of 57,000 total vehicles.

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