Tesla Rallies on Investors Betting Vehicle Sales Have Bottomed

Tesla Inc. shares jumped after the carmaker posted a less drastic decline in vehicle sales than the most pessimistic analysts feared.

The company delivered 384,122 vehicles during the last three months, down 13% from a year earlier. While that leaves Tesla in a deep hole to dig out from to avoid another annual drop, some investors were braced for a more than 20% plunge.