There is some reason for optimism, but the risk of bad news coming also exists. Some of the latter is already priced into the stock, though. Tesla shares have plunged by about 32% year to date. That's after the stock jumped 6.2% as of 11:55 a.m. ET today.

It was a historically difficult quarter for the EV maker, with tariffs and growing protests over Elon Musk's work with DOGE weighing on sentiment.