Gary Black, managing director of The Future Fund, said that Tesla’s recent rally is driven more by expectations for stronger EV sales than by renewed enthusiasm for its Full Self-Driving (FSD) technology or AI. Black said he expects Tesla to deliver about 410,000 vehicles in the second quarter, which would be a 7% increase from a year earlier and above Wall Street’s consensus estimate of 406,000 units. He said the expected increase in deliveries, likely fueled by surging oil prices over the past quarter, is the main reason for the stock’s rally. Tesla’s vehicle registrations increased across several European markets in June, rising 39% in Denmark, 56% in Sweden, 5.6% in Spain, and more than doubled in France. On Tuesday, investor Michael Burry said he opened a short position on Tesla at $416.22. TSLA shares were up 2% at the time of writing and are on track to close in the green for a fourth straight session. Retail sentiment on Stocktwits turned ‘bullish’ from ‘neutral’ a day earlier, amid ‘high’ message volumes.