Tesla’s stock price saw a significant rise on Friday, erasing its losses for the year and achieving a weekly gain of 27%.

Closing at $251.55, up from $138.80 in April after ending last year at $248.48, the surge followed a better-than-expected second-quarter deliveries report on Tuesday.

Although deliveries still declined 4.8% year-over-year, the decrease was less severe than in the previous quarter, boosting investor confidence for the rest of the year.

Earlier in April, Tesla faced challenges including a drop in automotive sales, company-wide layoffs, and reports of shelved production plans at its Texas plant for a low-cost family car, CNBC has reported.

The company will announce its second-quarter financial results on July 23, with a focus on automotive gross margins.

Written by B.C. Begley