Tesla reports stronger-than-expected Q2 deliveries, shares fall
Tesla deliveries beat Wall Street with 480,126 vehicles in Q2, up 25% year over year See why shares fell anyway as Tesla races to defend sales and expand beyond cars
Tesla reported secondquarter vehicle deliveries of 480,126 and production of 451,758, both above Wall Street expectations. The company said deliveries rose 25% from a year earlier and 34% from the first quarter.
Despite the stronger update, Tesla shares fell about 7.5% on Thursday, marking the stock’s worst day in nearly a year. The decline continued a pattern of weaker trading after recent quarterly delivery reports.
The company said its Model 3 and Model Y vehicles made up 467,762 deliveries, or 97% of the total. Tesla is working to stabilize sales after two straight years of annual declines, while facing tougher competition from Chinese, South Korean, and European automakers and shifting demand in the U.S. toward hybrids. Tesla is also expanding its focus beyond cars, including energy storage, Semi trucks, Cybercab development, and Optimus robots.