Shares of Tesla (NASDAQ:TSLA | TSLA Price Prediction) are down 7% in morning trading to $395.86, even after the electric vehicle (EV) maker posted a blowout Q2 2026 delivery report that easily cleared Wall Street expectations.
Tesla (TSLA) reported second-quarter vehicle deliveries that comfortably exceeded Wall Street expectations on Thursday, signaling a significant rebound in demand as the electric-vehicle maker navigates an increasingly competitive global market. The company delivered 480,126 vehicles worldwide during the second quarter, according to a statement released Thursday.
Tesla delivered more than 480,000 vehicles in the second quarter of this year, an increase of more than 120,000 from the first quarter, in a sign that the company is still able to attract new buyers for its EVs despite a downturn in the U.S. market.
Shares of Rivian Automotive (NASDAQ:RIVN | RIVN Price Prediction) are up 5% in early trading Thursday to $18, standing out as the clear leader among electric vehicle names on July 2.
The electric automaker sells just three new-car models now, with CEO Elon Musk putting the focus on autonomous vehicles and robotics.
There have been a lot of bears on the tail of Tesla (NASDAQ:TSLA | TSLA Price Prediction) in the past several years, but the name has proven quite punishing to short.
Tesla reported its vehicle production and deliveries for the second quarter. A Tesla-compiled consensus said analysts were expecting 406,024 deliveries, while StreetAccount's average estimate was 406,600.
Tesla just scored a mega sales beat, thanks to a boost from soaring gas prices. Elon Musk's automaker sold 480,126 vehicles in the second quarter, up 25% year over year.
For a stock that has spent much of the past few weeks looking heavy and technically fragile, Tesla Inc NASDAQ: TSLA is having an impressive turnaround. Until recently, its shares had been struggling to shake off a run of unhelpful headlines, from the fresh NHTSA probe to broader macro uncertainty, and looked in real danger of forming a proper downtrend.
Tesla's China-made electric vehicle sales rose for an eighth month in June, supported by an extended recovery in the U.S. automaker's European sales.
Wall Street projects that Tesla sold about 406,000 cars in the second quarter, up from about 384,000 a year ago.
The U.S. National Highway Traffic Safety Administration (NHTSA) on Thursday said it had closed its 2022 preliminary evaluation into 695,000 Tesla vehicles over unexpected deceleration, citing low demonstrated hazard to drivers and a substantial drop in incidents.