During the Cannes Lions International Festival Of Creativity 2024, Elon Musk participated in a discussion titled "Exploring the New Frontiers of Innovation" with Mark Read. Amidst this event, Tesla's stock price surged enough to erase its losses for the year and register a 27% gain for the week. Despite facing setbacks earlier this year, including declining sales and production challenges, Tesla's recent rally was fueled by a better-than-expected deliveries report for the second quarter. With the electric vehicle maker set to announce its financial results later in July, investors are closely watching for signs of improvement in automotive gross margins. During the past year, Tesla has been offering discounts and incentives to boost sales of its existing EV lineup, which includes the popular Model 3 and Model Y vehicles. This resurgence in Tesla's stock price reflects renewed optimism in the company's future prospects.