Tesla (TSLA 7.49%) just posted its strongest second-quarter deliveries in its history, and shareholders responded by knocking about 7.5% off the stock in a single session -- its worst day in nearly a year. On Thursday, the electric-car maker said it delivered 480,126 vehicles in the second quarter, up 25% year over year, about 74,000 more than the 406,000 or so analysts had modeled.
By any normal reading, that is a blowout. So why did the stock fall so hard?
Tesla Cybercab. Image source: Tesla.
A record quarter the market shrugged off Tesla's deliveries were not just a jump from a year earlier. They marked a 34% leap from the 358,023 vehicles Tesla delivered in the first quarter.
In short, deliveries have swung from declining a year ago to a second-quarter record -- exactly the kind of turn the bulls have been waiting for.
So what gives?
Part of the answer is that investors saw it coming. Tesla shares had climbed about 12% in the weeks before the report, so by the time the figure landed, much of the good news was already priced in. A sell-the-news reaction like this is common when a stock runs up into a catalyst.
But there is a deeper reason the market held back, and it has little to do with how many cars Tesla delivered.
What the market is actually pricing There are a few underlying problems that investors may be concerned about.
First and foremost, there's a lingering question about how many of these sales were driven by a short-term spike in gas prices, as some consumers likely sought ways to save on transportation costs by switching to electric vehicles.
Then there are hints that the volume came at a cost. Production of 451,758 vehicles ran about 28,000 units below deliveries, meaning Tesla drew down existing inventory to hit the headline number rather than building stock. That raises a fair question about how much of the quarter was driven by end-of-quarter incentives.
Finally, some investors may worry that the company's push to introduce more aggressively priced models could be hurting margins. In the first quarter, Tesla's overall gross margin was 21.1%, with automotive gross margin excluding regulatory credits closer to 19%. If the second quarter's record volume was driven by more aggressively priced vehicles, those figures could slip even further. And for a stock priced the way this one is, that may matter more than the delivery count.
There is precedent for the worry. Tesla spent much of the past two years cutting prices to keep its factories full, and each cut chipped away at the profit on every car sold. Automotive gross margin has already fallen well off its peak.
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And the stock is priced aggressively. At about 360 times earnings, Tesla trades like a company betting its future on autonomy and software (of course, it ultimately is doing this), not on selling more cars this quarter. A valuation like that, therefore, relies on soaring profits, so the market wants proof that the volume was profitable rather than always leaning on more speculative, longer-term business initiatives.
Of course, a record quarter shows demand is healthier than the bears feared. But the bull case here isn't really about how many cars Tesla sells this year. Instead, it rests on turning self-driving software and a nascent robotaxi fleet into high-margin, recurring revenue.
The figures and management commentary we really need will arrive on July 22, when Tesla reports full second-quarter financial results.
Personally, I wouldn't read Thursday's drop as a verdict on the quarter -- it looks more like the market deferring judgment and the stock taking a breather after a big run-up. The report needs to show that Tesla moved 480,000 cars without sacrificing margin. And, even more, Tesla will need to once again reassure investors that its higher-margin initiatives are making progress.
Tesla Inc. TSLA expanded its robotaxi service to Miami on Friday, extending its autonomous ride-hailing operations.
The move comes as Chief Executive Officer Elon Musk increasingly emphasizes artificial intelligence, robotics, and autonomous transportation as key drivers of Tesla's future, alongside its electric vehicle business.
"Robotaxi now available in Miami," Tesla's official robotaxi account said in a post on X.
The Miami launch marks Tesla's latest step in broadening access to its robotaxi platform, which relies on the company's self-driving software.
Tesla launched its unsupervised robotaxi service in Austin, Texas, in June and later announced plans to expand the offering to Dallas and Houston.
The company has recently rolled out services in those cities as it seeks to increase adoption of its autonomous driving technology.
The expansion reflects Tesla's broader effort to commercialize self-driving transportation and build new revenue streams tied to artificial intelligence and robotics.
Musk said in May that he expects fully self-driving vehicles operating without human safety monitors to become more common across the United States later this year.
Tesla's latest expansion comes as competition in the autonomous ride-hailing sector continues to intensify.
Companies, including Alphabet's Waymo and Amazon's Zoox, have accelerated their own expansion efforts as the market for autonomous transportation develops.
While Tesla has expanded into additional cities, the scale of its robotaxi operations remains relatively limited compared with some rivals.
According to registration information submitted to the Texas Department of Motor Vehicles under new state reporting requirements that took effect in May, Tesla currently operates 42 robotaxis in Texas.
The disclosure provides the clearest picture yet of the size of Tesla's autonomous fleet in the state, where the company launched its robotaxi service in Austin last year.
By comparison, Alphabet-owned Waymo has registered 577 automated vehicles in Texas, according to information published by the state, giving it a fleet more than 13 times larger than Tesla's.
Autonomous transportation remains a key component of Musk's effort to transform Tesla from primarily an electric vehicle manufacturer into a broader artificial intelligence and robotics company.
Tesla's robotaxi ambitions have become increasingly important to the company's investment narrative, with investors closely monitoring the pace of deployment and expansion.
The company also operates a rideshare service in the San Francisco Bay Area.
Tesla said in April that it was preparing to expand its robotaxi operations to five additional cities.
However, Musk has cautioned that the network is unlikely to generate meaningful revenue for the company this year.
The Miami launch follows another positive development for Tesla this week.
On Thursday, the company reported second-quarter vehicle deliveries that exceeded Wall Street expectations, supported by a rebound in European demand.
The stock, however, ended the day deep in the red.
For years, CEO Elon Musk championed the opposite approach. Tesla built its reputation on a lean lineup, fewer configurations and manufacturing simplicity, arguing that limiting complexity was key to scaling production and protecting margins. The Model Y L suggests the company may now be willing to trade some of that simplicity for incremental growth.
Tesla on Thursday launched the long-wheelbase, six-seat Model Y L in the U.S. and Puerto Rico, featuring second-row captain’s chairs, a third row, up to 325 miles of range, a 0-60 mph time of 4.4 seconds and a starting price of $61,990 for the Launch Series. Production has begun at Giga Texas, with deliveries expected to start in September.
Model Y L Expands Tesla’s Best SellerThe Model Y has become Tesla’s volume driver, and instead of waiting for a brand-new mass-market vehicle, the company is expanding the appeal of the model it already knows customers want.
Tesla, by contrast, has historically resisted flooding its lineup with variants, preferring to keep manufacturing streamlined and product offerings limited.
Tesla’s Strategy Starts to Look More Like Detroit’sThe Model Y L doesn’t mean Tesla is abandoning innovation. But it does suggest the company is becoming more pragmatic as EV demand matures and competition intensifies.
Instead of chasing growth solely through breakthrough products, Tesla appears increasingly focused on extracting more value from its existing lineup. Expanding the Model Y into a three-row family SUV allows the automaker to target a broader customer base without the cost and development timeline of launching an entirely new nameplate.
It’s a strategy that has worked well for legacy automakers, particularly in the profitable SUV segment, where multiple configurations often coexist under the same model family.
What Investors Should WatchWhether the Model Y L becomes a sales hit remains to be seen, but the bigger takeaway for investors may be Tesla’s evolving philosophy. If the company continues broadening its existing lineup with targeted variants instead of relying exclusively on all-new models, it could unlock additional demand while keeping capital spending in check.
More importantly, the launch suggests Tesla is entering a new phase—one where growth may come not just from inventing the next blockbuster vehicle, but from maximizing the one it already has.
Image via Shutterstock
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Key Takeaways Tesla delivered a record 480,126 vehicles in Q2 2026, but shares fell 7.5% on margin concerns. TSLA's long-term outlook includes robotics, AI, and energy storage despite execution risks.ETFs like TEXN provide diversified exposure to TSLA's upside. Electric vehicle (“EV”) giant Tesla (TSLA - Free Report) has delivered a record-breaking 480,126 vehicles in the second quarter of 2026, crushing Wall Street estimates of around 406,000 and marking a 25% year-over-year improvement. Yet, instead of celebrating, investors sent the stock down 7.5% on July 2, its worst single-day drop in nearly a year.
The decline highlights a critical market reality — investors remain deeply anxious over the company’s compressed automotive profit margins and high-pricing discounts utilized to secure those delivery numbers.
This sudden dip might tempt cautious investors to run away from Tesla. However, the company's diverse exposure to automotive, energy storage, robotaxis, humanoid robots, and infrastructure licensing gives it access to a combined addressable market of roughly $3.9 trillion by 2035, reinforcing its appeal as a long-term AI and robotics play, according to J.P. Morgan analyst Rajat Gupta.
Against this backdrop, a wiser strategy may be to pivot toward exchange-traded funds (ETFs). By allocating capital into ETFs that bundle Tesla with other industry giants, investors can still tap into the explosive potential of its burgeoning humanoid robotics segment without bearing the brunt of a single-stock crash.
Before identifying these ETFs, it's important to understand why Tesla retains strong long-term potential despite its recent slump, and why we advocate the relative safety of a diversified fund.
Tesla's Growth Prospects Beyond Just CarsThe stellar delivery figure comes as a much-needed breather for Tesla's EV segment, which had been facing a downturn due to intense competition from Chinese automakers like BYD and a consumer backlash against Elon Musk. In fact, last year TSLA saw a decline in its delivery numbers in most quarters, except the third quarter.
In addition to poor delivery figures, challenges such as the loss of a U.S. federal tax credit and rising competition have weighed on the company’s quarterly performance in the recent past.
However, the latest delivery figures show structural resilience of its vehicle business, a trend we witnessed in the first quarter as well.
Beyond cars, Tesla’s true long-term upside lies in its shift toward artificial intelligence (AI) and its humanoid robot, Optimus. CEO Elon Musk has heavily emphasized that the vast majority of Tesla's long-term enterprise value, nearly 80%, will stem from the robotics sector.
To this end, it is imperative to mention that as Tesla is converting its Model S/X production lines in Fremont to build Optimus robots, analysts at Counterpoint believe the automaker’s experience in scaling EV production could help it reach 100,000 Optimus units annually much faster than its early car programs, unlocking billions in potential revenue stream over the long run.
In addition, Tesla’s Energy Generation and Storage business remains a key diversification lever, led by Megapack and Powerwall, with the company’s energy storage deployments being 8.8 gigawatt-hour in the first quarter of 2026.
The Case in Favor of Diversification Via ETFsDespite the long-term growth opportunities that TSLA has to offer, many investors remain highly skeptical, the primary reason being the EV giant’s sky-high valuation.
With a forward 12-month Price-to-Earnings (P/E) ratio of nearly 173, the company is trading at almost 11 times the average of its peer group. This premium prices in the promise of robotics. However, many analysts have expressed severe concern over the actual timeline of the humanoid business, with reports indicating that the engineering timeline for Optimus faces monumental production friction.
Given the uncertainties of such execution risks, missed production targets, as well as fierce competition in the robotics space from established players like Boston Dynamics, gaining exposure to ETFs is an intelligent insulation strategy. Funds that feature Tesla among their top holdings offer robust exposure to any upside fueled by an Optimus breakthrough. They will shield you from unprecedented single-stock price shocks by balancing the portfolio with other highly profitable industry giants.
ETFs to ConsiderConsidering the aforementioned discussion, investors looking for significant Tesla exposure while enjoying the fruits of gains from other industry leaders via diversification may consider the following ETFs for their portfolio:
The Nightview Fund (NITE - Free Report)
This fund, with net assets worth $31.8 million, seeks long-term capital appreciation, with a goal of outperforming the S&P 500 Total Return Index over a rolling five-year period. It typically holds 15-25 securities that trade on U.S. exchanges. TSLA (with 13.8% weightage), NVIDIA (NVDA - Free Report) (8.6%), and Amazon (AMZN - Free Report) (8.1%) hold the first three positions in this fund.
NITE has soared 17.6% over the past year. The fund charges 125 basis points (bps) in fees.
This fund, with net asset value (NAV) of $53.61, seeks daily investment results equal to 200% of the performance of the seven largest Nasdaq-listed companies. NVDA (15.53%), Apple (15.32%), and Alphabet (15.8%) hold the first three positions in this fund. TSLA holds the sixth spot in this fund, with 12.44% weightage.
QQQU has rallied 18.1% over the past year. The fund charges 98 bps as fees.
This fund, with net assets worth $2.4 million, offers exposure to stocks of autonomous technology and robotics companies. TSLA (10.86%), Advanced Micro Devices (6.93%), and Teradyne (6.81%) hold the first three positions in this fund.
ARKQ surged 44.1% over the past year. The fund charges 75 bps as fees.
iShares Texas Equity ETF (TEXN - Free Report)
This fund, with net assets worth $16.5 million, offers exposure to 211 companies headquartered in the state of Texas. TSLA (10.84%), Exxon Mobil (9.79%), and Caterpillar Inc. (7.78%) hold the first three positions in this fund.
TEXN has soared 23.3% over the past year. The fund charges 20 bps as fees.
A Tesla Robotaxi vehicle with a safety monitor employee in the passenger seat drives through traffic in Austin, Texas, U.S., February 13, 2026. REUTERS/Evan Garcia/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 3 (Reuters) - Tesla (TSLA.O), opens new tab said on Friday its robotaxi was available in Miami, as the electric vehicle maker looks to expand its autonomous ride-hailing operations.
The expansion highlights Tesla's efforts to increase adoption of its self-driving software, a version of which it uses in the robotaxis and a key part of CEO Elon Musk's shift from EVs to AI and robotics.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
"Robotaxi now available in Miami," Tesla's official robotaxi account said in a post on X.
Tesla's move comes as the robotaxi sector gains momentum, with competitors such as Alphabet's (GOOGL.O), opens new tab Waymo and Amazon's (AMZN.O), opens new tab Zoox accelerating their expansion efforts.
Tesla launched its unsupervised robotaxi service in Austin, Texas, in June, after announcing in April plans to expand the offering to Dallas and Houston.
Musk said in May he expects fully self-driving cars without human safety monitors to become more widespread in the U.S. later this year.
On Thursday, Tesla posted record-setting second-quarter deliveries that beat Wall Street estimates, led by a rebound in Europe.
Reporting by Koyena Das in Bengaluru Editing by Rod Nickel
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tesla’s (NASDAQ:TSLA | TSLA Price Prediction) blowout Q2 delivery report is a legitimate win for the bulls. However, I’d argue that this beat does not settle the bigger debate around the stock.
What is this debate, you might ask?
Well, there’s a near-term and long-term view of how Tesla’s sales and deliveries have grown (or not) over time, and what this may portend for cash flow down the road. With a strong quarter in which Tesla delivered 480,126 vehicles (up 25% year over year and well above consensus), one might think the debate is settled – this is a growth stock that continues to grow at a strong pace. That said, I do think the company’s longer-term investment case still hinges far more on autonomy, robotics, margin structure, and valuation than on one strong print.
Let’s Dive Into the Numbers The headline number was strong enough to turn heads. Tesla produced 451,758 vehicles and delivered 480,126 EVs. What this means in plain English is that Tesla once again shipped more cars than it built, working down its existing inventory.
I will say, this is likely a positive catalyst for the company, in that Tesla is looking to run down its inventory rather than adding to what many view as a surplus of unsold vehicles. And if the company is able to refresh its models and generate more sales globally, perhaps this is a company that could be on the verge of a growth reacceleration (25% year over year growth is indeed a strong figure).
The thing is, this growth comes on the back of a weak start to the year, so the comps were low to begin with. And while Tesla now looks like a much cleaner operator, this also points to the reality that demand may be softening across the board for the EV market more broadly – of which Tesla is no longer the global industry leader.
I do think for bulls (and we’ll get to that in a minute) this beat was important because the market had been bracing for another soft result after a stretch of declining sales and rising skepticism around Tesla’s core auto business. Instead, Tesla posted its best second quarter ever, which helps reset sentiment and reduces the immediate bear argument that the business was sliding into a more permanent demand problem.
Bull Case I think it’s important to start any bull case around Tesla with discussing the company’s CEO, Elon Musk. After launching the world’s biggest ever IPO (and becoming the world’s first trillionaire), it’s impossible not to point out the genius with which Musk has been able to pick trends, and get in at the right time. I think few can deny this point.
The reality also is that the electric vehicle revolution, and some of the other endeavors Tesla is directly or indirectly linked to, are still in their early innings of growth. If Tesla can become the autonomous driving, robotaxi, and Optimus company many bulls think, Tesla vehicles are simply a smaller piece of a much larger platform story.
In other words, vehicle unit growth doesn’t matter as much in a world where the company is generating far more from its software and services over the long-term. That’s the playbook Apple (NASDAQ:AAPL) and other tech giants have rolled out, with great profitability.
On the near-term side, this report also gives bulls evidence that Tesla’s core EV business is not broken. A 25% year-over-year delivery gain, plus a meaningful sequential jump, suggests the brand still has global pull and that some earlier concerns about collapsing demand may have been overstated. If deliveries can stabilize and margins hold up, the company has a better shot at keeping investor confidence while the optionality story develops.
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Bear Case The bear case remains strong around Tesla, at least from my perspective.
As mentioned, I see a growing softening in the global EV market, due to a number of key factors. Electricity prices have surged as AI demand has taken off. Thus, while one component of Elon Musk’s empire surges, another leg of his portfolio investing strategy is wobbly. And with greater competition in the EV market, consumers have more options to choose from with brands that may stand for different things. This goes back to Musk’s divisive personality, and his popularity (or lack thereof) with a percentage of the population.
I also think that one quarter does not necessarily answer all the structural questions investors have around this firm. It’s widely known that Tesla’s auto business still generates the bulk of the company’s revenue, and that’s a dynamic I think will be at play for at least the next three to five years. Perhaps some investors will hold on for the ride (and those who have since the beginning, kudos to you). But for the short-term investors out there, weak quarters in 2026 or 2027 could derail the stock’s investing thesis.
That’s to say nothing of the fact that Tesl remains heavily dependent on Model 3 and Model Y, which accounted for the vast majority of deliveries. Without refreshes, there’s little to suggest that demand could continue to surge for quarters or years to come.
Bearish investors will also argue that Tesla’s valuation already discounts a very optimistic future. In that framing, even a strong delivery quarter may not matter much if the market is still pricing the stock as a high-growth AI and autonomy story rather than a car company. That is why the stock can still move on expectations, not just on reported deliveries.
Why Investors Need to Think Long-Term This is where the debate gets interesting. Delivery beats matter most when the market is focused on whether Tesla’s core auto franchise is deteriorating, and this report clearly helps there. But for long-term investors, the bigger question is whether Tesla can turn its capital, software, and data advantages into businesses that are materially more profitable than selling cars.
That is why near-term results do not fully settle the thesis. If Tesla eventually proves out autonomy, robotics, or a higher-margin software layer, then quarterly vehicle deliveries will look like an input, not the story itself. If those efforts disappoint, then the market may eventually re-rate Tesla more like a cyclical automaker with a premium brand and a difficult competitive landscape.
For investors, the right takeaway is not to overreact in either direction. The quarter strengthens the bull argument that Tesla still has demand, execution, and global scale, but it does not eliminate the bear argument that the stock is expensive relative to today’s fundamentals. In other words, this was a good operational update, but the investment case still lives or dies on what Tesla becomes over the next several years, not what it sold this quarter.
Personally, I’m still bearish on Tesla stock, despite this company’s recent performance. I think at some point, the numbers will matter. Until then, this is a story stock that’s still writing its own fairy tale.
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Tesla (NASDAQ: TSLA | TSLA Price Prediction) and SpaceX (NASDAQ: SPCX) sit on opposite ends of Elon Musk’s empire this July. Tesla is walking into a July 22 Q2 earnings report with vehicle margins under a microscope. SpaceX is fresh off its historic June IPO, riding institutional rotation into launch, Starlink, and its newly folded-in xAI compute segment.
Tesla Ground Out a Beat. SpaceX Rode Its Debut. Tesla’s Q1 came in ahead of estimates. Revenue of $22.387 billion grew 15.78% year over year, and non-GAAP EPS of $0.41 topped the $0.3481 consensus. Automotive gross margin expanded to 21.1% from 16.2%, aided by lower material costs, higher ASPs, and warranty and tariff benefits. That is a meaningful reversal after a soft FY2025 where net income fell.
Services and Other jumped 42% to $3.745 billion, with FSD subscriptions reaching 1.28 million, up 51%. Energy Generation and Storage, however, slipped 12% to $2.408 billion. Inventory days rose to 27 from 22, a subtle warning on demand.
SpaceX has no earnings filing to lean on, but its S-1 showed $18 billion in trailing revenue growing 33%. Two disclosed hyperscaler contracts already tell a bigger story: Anthropic paying $1.25 billion per month for Colossus capacity, and a $920 million per month Google deal for 110,000 GPUs through mid-2029. That pencils out, per the same source, to a projected $62 billion in 2026 revenue.
Physical AI vs. Orbital AI Lens Tesla SpaceX Core Bet Robotaxi, FSD, Optimus Launch monopoly, xAI compute, Starlink Near-Term Catalyst Q2 earnings report on July 22 Post-IPO institutional inflows Key Vulnerability Vehicle margin compression Extreme valuation multiple Tesla is pouring capital into Cybercab, Semi, Megapack 3, and Optimus lines targeting 10 million robots per year at Gigafactory Texas. Musk even wrote a $2 billion check into SpaceX equity and is co-building a chip fab with it. SpaceX, meanwhile, is quietly turning into a hyperscaler with rocket exhaust attached.
The July 22 Earnings Report Will Set the Tone Polymarket assigns a 94% probability that Tesla closes above $320 by month-end, but only 30.5% odds of clearing $400. The most likely July touch is $360 at 56.5%. I read that as traders bracing for margin scrutiny. SPCX, sitting at $162 with only 14 trading days of history, still has the IPO tailwind at its back.
Why I Lean SpaceX Into Month-End For July specifically, I lean SpaceX. Tesla is priced for a 389 P/E, and the Q2 call gives skeptics a live microphone on vehicle profit margin compression. SPCX has fresh flows, a monopoly narrative, and no earnings trap to trip over yet. Long-horizon believers in physical AI are watching TSLA at $393.45 after a 7.49% drop. For the next 20 trading days, I think SpaceX carries the momentum.
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Tesla is launching the Model Y L in the US almost a year after it debuted in China. Tesla Tesla has given fans an early Fourth of July surprise.
The EV giant announced on Thursday that it has opened US orders for the Model Y L, a three-row version of its best-selling SUV, with prices starting at $61,990.
The premium EV has been on sale in China since last August, and a question mark has been hovering over its arrival on American shores ever since.
At the time, CEO Elon Musk said the Y L "might not ever" come to the US because driverless vehicles would soon make traditional transportation obsolete.
Musk's ambitious predictions have yet to come to pass, however, with Tesla so far only scaling to a few dozen unsupervised robotaxis in a handful of Texan cities.
Take a look at the Model Y L, which will be available in the US starting in October.
The Model Y L has been a mega-sales hit in China.
The Model Y L is an extended version of Tesla's best-selling Model Y. Tesla Tesla launched the Model Y L in China last year as it battled a wave of competition from local EV brands.
The luxury SUV quickly proved a major hit, with local media reporting that Tesla sold more than 120,000 units in its first month on sale.
The premium EV comes with three rows of heated seats.
The interior of Tesla's Model Y L. Tesla The first two rows of the Model Y L feature heated and ventilated seats, as well as touchscreens, while the third row offers power reclining and one-touch folding to quickly stow the seats.
The Model Y L has over 300 miles of range.
Model Y L deliveries are set to begin in October. Tesla Tesla says the Model Y L has 325 miles of range, compared to 321 miles for the base-level Model Y and 306 miles for the $57,490 Model Y Performance.
The 'Launch series' comes with a year of free supercharging and FSD.
Like all Teslas, the Model Y L comes with an AI assistant powered by SpaceX's Grok model. Tesla Model Y L deliveries are set to begin in October with a limited-edition run of "Launch Series" vehicles. These will come with special badging and luxury interior touches, as well as 12 months of free supercharging and Tesla's Full-Self Driving tech.
It's proof that Tesla isn't backing away from EVs completely.
The Y L comes with a reverse charging feature that allows owners to use the battery to power phones, fridges, and other appliances. Tesla The Model Y L launch will help fill the hole in Tesla's product lineup left by the Model S and X, which were discontinued earlier this year to free up factory space to build the company's Optimus humanoid robot.
It's also evidence that despite Musk's efforts to pivot the company toward AI and robotics, boosting EV sales still remains a key part of the master plan.
Tesla reported Thursday that it sold over 480,000 EVs in the second quarter, smashing Wall Street's expectations, but research firm Cox Automotive estimated that the brand's US sales fell 20% year-over-year in that period. The Model Y L could be key in turning that slump around.
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Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the AIM-listed developer of solid-state battery technology, received a broker endorsement after raising £4.5 million through an accelerated bookbuild at 28p a share, alongside a retail offer of up to £500,000 at the same price.
Solid-state batteries replace the flammable liquid electrolyte in conventional lithium-ion cells with a solid material, promising faster charging, greater safety and longer life.
Cavendish analyst Ian McInally described the raise, which represents just under 10% of Ilika's market value, as broadly in line with the £5 million fundraising the broker had already assumed in its forecasts.
Up to £2 million of the proceeds will support Ilika's small-format Stereax battery, which is designed to power implantable medical devices.
That funding will back product optimisation with Cirtec Medical, the US manufacturer producing Stereax under a 10-year licence, and testing of the M300 battery to enable sales and trigger initial royalty payments.
Up to £3 million will advance the larger Goliath battery from final technical specification towards licensing, including the delivery of a 10 ampere-hour product aimed at non-automotive markets.
Ilika initially targeted Goliath at electric vehicles, but has shifted its near-term focus to defence and consumer applications, where commercialisation could come more quickly.
The company received encouraging feedback from a UK defence agency in March on safety tests of its 10 ampere-hour cells under battlefield conditions, and in April agreed a joint development programme with Brompton to incorporate the cells into the bicycle maker's e-bikes.
Cavendish said Goliath commercialisation was progressing with a pipeline of evaluation agreements across 27 companies.
Ilika keeps its 'buy' rating, but the broker has trimmed back its price target to 118p.
Tesla (NASDAQ:TSLA | TSLA Price Prediction) shares have staged a sharp rebound heading into the Q2 delivery release, and my proprietary model now pegs the stock right on top of fair value. Tesla closed at $425.30 on July 1, 2026, after a 13.25% rally over the past week.
My 24/7 Wall St. price target for Tesla is $436.34, implying 2.6% upside over the next 12 months. That is a hold, and my confidence is high.
24/7 Wall St. Price Target Summary Metric Value Current Price $425.30 24/7 Wall St. Price Target $436.34 Upside 2.6% Recommendation HOLD Confidence Level 90% A Rebound Into a Soft Delivery Report Tesla is down 5.43% year to date but up 41.43% over the past year, and shares sit 16% below the 52-week high of $498.83.
Bloomberg estimated Q2 deliveries at 396,466 units, up roughly 3% year over year, while BYD delivered 557,090 battery EVs in the same window. Regional data is bifurcated: Spain sales climbed 5.6% in June while Norway registrations fell 43%. Q1 was the offset, with revenue of $22.39 billion, non-GAAP EPS of $0.41, and automotive gross margin expanding to 21.1% from 16.2%.
Why Bulls See a Breakout Ahead The bull thesis rests on optionality that traditional multiples cannot capture. Cybercab entered pilot production at Gigafactory Texas, unsupervised Robotaxi rides launched in Dallas and Houston in April, and FSD active subscriptions grew 51% to 1.28 million.
Elon Musk this week confirmed the Fremont Model S/X line is being repurposed for Optimus, with 40 production lines planned targeting one million robots.
My bull-case scenario points to $491.33 in 12 months, a 15.53% return, and Polymarket traders assign an 83.5% probability that TSLA touches $435 in July.
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The Risks Worth Watching Valuation is the tightest constraint. The trailing P/E of 390 and forward P/E of 213 leave little margin for delivery disappointment, and Michael Burry disclosed a fresh short at $416.22. Energy storage revenue fell 12% year over year in Q1, opex grew 37%, and BYD is now out-shipping Tesla in pure EVs.
Bulls would counter that the opex surge reflects AI R&D and the CEO comp award, both of which should convert to Optimus and Robotaxi revenue in later years. My bear-case scenario sits at $378.53, or a -11% return.
Hold Into Deliveries, Reassess After My 24/7 Wall St. price target of $436.34 reflects a stock that has already run into fair value on automotive fundamentals, with AI and robotics optionality tempered by execution risk and multiple compression. Confidence is high at 90%.
I would get more constructive if Q2 deliveries surprise above the Polymarket 475,000 threshold or Optimus hits a firm production milestone. I would stay cautious if regulatory credits keep sliding and Robotaxi expansion slips past 1H 2026.
Looking further ahead, here is where our model projects Tesla could trade, extending the base-case trajectory from our five-year scenario.
Year 24/7 Wall St. Price Target 2026 $436 2027 $455 2028 $475 2029 $495 2030 $515 These projections assume Tesla executes on Cybercab, Optimus, and FSD monetization while defending automotive margin. Meaningful upside or downside could result from Robotaxi network economics, China FSD approval, or a sharper EV price war with BYD.
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Key Takeaways Tesla delivered 480,126 vehicles in Q2, topping estimates and rising 25% year over year.Overseas demand helped offset softer U.S. sales, with Europe and China showing stronger momentum.Tesla deployed 13.5 GWh of energy storage, beating forecasts on Megapack and Powerwall demand. Electric vehicle (EV) and tech giant Tesla (TSLA - Free Report) has reported strong second-quarter 2026 vehicle deliveries. It delivered 480,126 vehicles (comprising 467,762 units of Model 3/Y and 12,364 Other models), comfortably beating the Zacks Consensus Estimate of 402,456 units. Deliveries increased 34% sequentially and 25% on a year-over-year basis.
This marks Tesla's strongest quarter for EV sales since the third quarter of 2025. Back then, sales got a similar lift when U.S. buyers rushed to purchase before federal EV tax credits expired, prompting Tesla and other automakers to see a temporary surge in demand.
After witnessing a year-over-year fall in annual deliveries in 2024 and 2025, demand for Tesla vehicles seems to be stabilizing, as deliveries improved in both the first and second quarters.
Tesla Overseas Vehicle Delivery StrengthSecond-quarter deliveries were largely driven by high gas prices amid the Middle East conflict, which likely pushed consumers toward EVs. Demand trends have strengthened across key international markets. Although Tesla doesn’t break down sales by region, Europe was a key catalyst, where sales momentum has been robust in recent months. France reported its best May on record, with registrations soaring more than 655%. Strong gains were also seen in Norway, Spain, Denmark, Portugal and Sweden.
In China, where Tesla commands a huge presence, deliveries rebounded strongly in May. Per the data from the China Passenger Car Association, as cited in Teslarati, Tesla sold 47,281 vehicles at retail in China last month, representing a 22.5% increase from the same month last year. The figure also marked a sharp 82.2% jump from April. With that, the company snapped a two-month run of year-over-year sales declines while also maintaining robust export volumes from its Shanghai manufacturing facility. Despite softer U.S. demand, robust international performance helped offset the weakness.
Competitive Check: Lucid & Rivian Q2 DeliveriesRivian Automotive (RIVN - Free Report) and Lucid Group (LCID - Free Report) also reported second-quarter deliveries yesterday, with contrasting results. Rivian delivered 12,194 vehicles, topping estimates and its own prior guidance, driven by strong demand for its R1 lineup and electric delivery van. The company raised its full-year 2026 delivery outlook to 65,000-70,000 units. Lucid, meanwhile, fell short of expectations, delivering just 3,953 vehicles. The miss came amid new CEO Silvio Napoli’s, who took over in June, restructuring of Lucid's leadership team in an effort to simplify operations and streamline reporting lines.
TSLA Q2 Energy Deployments Top MarkTesla deployed 13.5 GWh of energy storage in the second quarter,reflecting an uptick of 53% and 40% on a sequential and year-over-year basis, respectively. The number also came ahead of the Zacks Consensus Estimate of 11.8 GWh. The outperformance was driven by robust demand for Megapack and Powerwall. To support rising demand, the company is expanding production capacity through a new Megapack factory near Houston and plans to launch its next-generation Megapack 3 system later this year.
All Eyes on Tesla's Q2 Earnings Release on July 22The focus now shifts to Tesla's second-quarter earnings report, where delivery strength will need to translate into financial performance. A key metric for investors will be auto sales margins, which have started to improve. The Zacks Consensus Estimate for automotive margins for the second quarter is pegged at 20.5%. That implies an improvement of 330 basis points from the year-ago period.
Beyond the core numbers, industry watchers and investors will closely watch for updates on Optimus humanoid robot program and progress on full self-driving technology. Commentary on these fronts will be key as Tesla has repositioned itself as a multi-layered tech company. Its narrative and valuation are now heavily centered around artificial intelligence, robotaxis and humanoid robots like Optimus.
Tesla’s Price Performance, Valuation and EstimatesTesla has underperformed the industry year to date.
Image Source: Zacks Investment Research
From a valuation perspective, Tesla appears significantly overvalued.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for Tesla’s EPS has been revised over the past 90 days.
Image Source: Zacks Investment Research
TSLA carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the UK developer of solid-state battery technology, has raised £4.56 million before expenses through an oversubscribed share placing and subscription.
Solid-state batteries replace the flammable liquid electrolyte found in conventional lithium-ion cells with a solid material, which promises greater safety, energy density and a longer lifespan.
The AIM-listed company issued 16.3 million new ordinary shares at 28 pence each, with Cavendish acting as bookrunner.
It plans to raise up to a further £500,000 through a retail offer to existing shareholders at the same price.
The net proceeds will fund the commercialisation of Ilika's two battery lines, the small-format Stereax and the large-format Goliath.
Up to £2 million will support the rollout and scaling of Stereax, which is designed for active implantable medical devices such as pacemakers and neurostimulators.
That work includes product optimisation with Cirtec Medical, a US medical device manufacturer, alongside testing and validation of the M300 battery to enable sales and trigger initial royalty payments.
Ilika described those royalties, which would be triggered by delivering M300 batteries into customer testing programmes, as a critical commercial milestone that would validate its licensing model.
Up to £3 million will support Goliath, the company's electric vehicle battery, as it moves from finalising technical specifications towards licensing.
That budget covers prototype and production optimisation, the purchase of battery formation equipment, test programmes and delivery of a 10 ampere-hour minimum viable product.
Ilika expects that product to generate initial revenues from Goliath in markets including defence and consumer electronics, ahead of wider commercialisation in electric vehicles.
The company is also progressing discussions with electric vehicle manufacturers over a 10 ampere-hour cell, which alongside earlier development work opens up options to license the technology in the automotive market.
The company said the Goliath roadmap had reached an intersection point with what it called the urgent sovereign needs of the defence sector.
Graeme Purdy, chief executive, thanked new and existing investors and said the money would help optimise Goliath prototypes and fund equipment for the company's first Goliath product.
Ilika held cash and cash equivalents of £5.3 million as at 30 April, and said the fundraising would provide working capital to reach several technical and commercial milestones.
Tesla Inc (NASDAQ:TSLA) delivered 480,126 vehicles in the second quarter, a 25% jump on a year earlier and a decisive beat against a consensus of roughly 406,000. On any conventional reading, it was the rebound the company badly needed after a bruising start to the year. The stock fell about 7.5% anyway. Understanding why means looking past the headline to the three things investors actually care about.
The number beat, but the reason for the beat is the problem
Part of the surge was not new demand. It was Tesla clearing a backlog. In the first quarter, the company built 50,363 more cars than it sold, stacking up inventory as US demand cooled after the $7,500 federal EV tax credit expired. A chunk of the second-quarter total is that stockpile finally moving off the lot.
Selling inventory is not the same as selling growth. If Tesla shifted those cars using discounts, cheap financing or other incentives, the volume comes at the expense of margin. That distinction is the whole story, and investors will not learn the answer until the company reports full financial results on 22 July.
This is now a pattern, not a surprise
The reaction fits a habit. Tesla shares have fallen on each of the past three quarterly delivery reports, a classic sell-the-news response where a strong print is already priced in before it lands. The stock walked into Thursday around $425, up roughly 24% from its April low, which told you the market had positioned for a beat.
When expectations are set that high, clearing them is not enough. A beat has to be large enough and clean enough to justify a rally, and a beat built partly on inventory liquidation does not clear that second test.
Bar was set low, and Tesla set it
There is a structural reason the beat looks bigger than it is. Tesla compiles and publishes its own consensus on its investor relations page, aggregating sell-side estimates into the number it will be measured against. That creates an obvious incentive for the bar to sit at a level the company can comfortably clear.
Even so, Tesla missed its own Q1 consensus. And the full-year picture remains flat. Analysts model roughly 1.65 million deliveries for all of 2026, barely 1% growth on last year, and that figure has already been trimmed by about 35,000 units since March. A company once growing at 50% a year is now modelled for essentially no growth, and one quarterly beat does not rewrite that.
A $1.4 trillion valuation the cars cannot explain
Here is the deeper reason a delivery beat moves the stock less than it once would. At a market value near $1.4 trillion, the vehicle business accounts for only a fraction of the price. The rest is the robotaxi and humanoid robot story, and no delivery print can validate or disprove that. The report that matters for the narrative is 22 July, when Tesla updates on margins, cash flow and its autonomy program.
The energy business offered a genuine bright spot that tends to get overlooked. Storage deployments hit 13.5 gigawatt hours against 9.6 a year earlier, topping expectations. That segment carries roughly double the gross margin of the car business, so it punches above its weight in profit terms. It was not enough to offset the caution around vehicles.
Questions the report left unanswered
One detail investors flagged is what Tesla did not say. SpaceX, which owns xAI, bought $269 million of Tesla Megapacks in April to cut power costs at its data centres, and last year spent $131 million on Cybertrucks. Tesla did not disclose whether such related-party transactions flattered the quarter's numbers.
The underlying demand picture is also lopsided. Europe rebounded, helped by higher fuel prices and easing of the backlash tied to Elon Musk's politics, with registrations more than doubling in France in June. US sales, by contrast, tracked down around 15% to 20% as buyers leaned toward hybrids and Chinese rivals such as BYD, Nio and Xiaomi kept up the pressure. A recovery leaning this heavily on one region is exactly the kind of beat the market treats with suspicion.
Autonomous driving has been a hot topic for stock market investors for several years. As more cities approve driverless vehicles, what was once science fiction is rapidly becoming reality. Naturally, investors want in on what could be an important industry.
An obvious choice for investment dollars is Tesla (TSLA 7.35%), which has been making progress toward full self-driving for years. However, there's another well-known company that could be the better bet for making autonomous driving a mass-adopted reality.
Waymo is way ahead While it may not be the first company investors think about when it comes to autonomous driving, Alphabet (GOOGL 0.23%)(GOOG 0.37%) is actually the leader in this space. According to Alphabet's Q1 2026 earnings call, Waymo surpassed 500,000 fully autonomous, driverless rides per week, a number that has doubled in less than a year. Waymo is also operating in 11 major cities, with six new cities added in 2026 alone.
Compare this with Tesla's Full Self-Driving (FSD), which is still not operating without human drivers in the vehicles. According to Tesla CEO Elon Musk, driverless autonomy is expected to roll out in the fourth quarter of this year.
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Autonomy with a side of AI While Tesla offers more to investors than autonomous driving, Alphabet is a leader in what is perhaps the most transformative technology of our lifetimes, artificial intelligence (AI). With its frontier large language model (LLM), Gemini, Alphabet also offers investors exposure to the leading edge of the AI revolution.
AI is progressing too rapidly to predict a winner, but Google's Gemini, Anthropic's Claude, and OpenAI's ChatGPT will be jockeying for position for the foreseeable future as each company releases more advanced models.
But that's not all It would take too long to list all the other aspects of Alphabet's business, but while autonomous driving and AI drive the headlines, it's important to remember that advertising (on Google Search and YouTube, primarily) and Google Cloud Services provide the bulk of the revenue and profit that allow Alphabet to invest in new technologies.
In Q1 of 2026, advertising represented 70% of revenue, while Google Cloud accounted for another 18%. Alphabet is the leader in search on both Google and YouTube, and it's one of the top cloud infrastructure providers in the world.
Mega-cap value Considering Alphabet's leadership position in so many aspects of our tech economy, one might think shares are prohibitively expensive, but that's not the case. Alphabet stock trades at a trailing P/E ratio of 30, which is right around its 10-year average and 16% below its late-2025 high.
One can be fairly confident that Alphabet will present cheaper and more expensive buying opportunities over time, but adding shares or starting a position at today's valuation seems reasonable when compared to the company's historical averages.
As Tesla Inc. (NASDAQ: TSLA) stock attempts to regain a macro uptrend, several Wall Street analysts have reiterated their bullish outlook for the coming 12 months.
On Thursday, July 2, five Wall Street analysts reiterated their bullish outlook on Tesla stock over the next 12 months. William Stein, an analyst at Truist Securities, raised his 12-month price target for Tesla stock from $400 to $430 but reiterated a ‘Hold’ rating.
Andrew Percoco, an analyst at Morgan Stanley (NYSE: MS), maintained a Hold rating for TSLA stock. Percoco set his 12-month price target for Tesla shares at $415.
Jed Dorsheimer, an analyst at William Blair, reiterated a Hold rating for the company but did not issue a 12-month price target. Rajat Gupta, an analyst at JPMorgan Chase & Co. (NYSE: JPM), maintained a Hold rating for Tesla stock and set a 12-month price target of $475.
Meanwhile, Tom Narayan, a Wall Street analyst at RBC Capital, maintained a Buy rating for TSLA shares. Narayan set his 12-month price target for Tesla stock at $475.
Why are Wall Street analysts bullish on Tesla stock? Wall Street analysts may be signaling bullish sentiment for Tesla shares after the company posted strong second-quarter results. On July 2, Tesla announced that it produced 451,758 vehicles and delivered 480,126 units during the past three months.
Ahead of this month’s Tesla earnings call, Cathie Wood’s Ark Invest purchased 96,935 TSLA shares. Wall Street analysts could also be betting on a bullish outlook for the company after the National Highway Traffic Safety Administration (NHTSA) said Model Y passed its safety rating.
Following the recent rating review of Tesla shares, the company’s stock had an average 12-month price target of $404.86, according to TipRanks.
TSLA stock price forecast. Source: TipRanks Amid the moderate Buy rating from Wall Street analysts, TSLA shares have dropped 10% year to date (YTD), trading at $393.45 at press time. As such, the company had a market capitalization of approximately $1.5 trillion.
Tesla stock YTD chart. Source: Finbold With TSLA shares signaling a potential reversal since early April, the analyst’s forecast could be met in the near term.
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At a $1.3 trillion market capitalization, Tesla (TSLA 7.35%) is one of the most valuable businesses on Earth. During its ascent, the disruptive enterprise has taken its shareholders on a ride of massive returns.
If you'd invested $10,000 in this Magnificent Seven stock 10 years ago, here's how much you'd have today.
Image source: The Motley Fool.
Tesla shares have put up a marvelous trailing 10-year return of 2,920% (as of July 1). If you were able to buy $10,000 worth of the stock at the start of July 2016, you'd have $302,160 today. Among the "Magnificent Seven" stocks, Nvidia is the only stock that performed better.
A decade ago, Tesla was essentially a newcomer in the automotive industry. In 2015, it sold almost 51,000 electric vehicles (EVs). By 2025, that figure had ballooned to over 1.6 million, driving monster automotive revenue growth of 1,778% during that stretch. No one will deny that this is now a globally recognized brand.
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However, Tesla's strategic focus has shifted. The next 10 years may look different for this tech company. Tesla, which still makes most of its money from EV sales, is dedicated to artificial intelligence, autonomous driving, and robotics.
The market couldn't be more bullish. Tesla stock trades at a price-to-earnings ratio of 376. Expectations are sky-high, with no room for error going forward. Investors shouldn't anticipate past returns to be repeated.
Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia and Tesla. The Motley Fool has a disclosure policy.
Po čtvrtečním zlepšení nálady na Wall Street pokračuje pozitivní sentiment také na evropských trzích. Podle analytika Patria Finance Tomáše Vlka investory podpořily především silné výkony jihokorejských výrobců paměťových čipů, které zmírnily obavy kolem technologického sektoru.
Článek se odemkne 03.07.2026 11:46
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Tesla Inc (NASDAQ:TSLA) delivered 480,126 vehicles in the second quarter, a 25% jump on a year earlier and a decisive beat against a consensus of roughly 406,000. On any conventional reading, it was the rebound the company badly needed after a bruising start to the year. The stock fell about 7.5% anyway. Understanding why means looking past the headline to the three things investors actually care about.
The number beat, but the reason for the beat is the problem
Part of the surge was not new demand. It was Tesla clearing a backlog. In the first quarter, the company built 50,363 more cars than it sold, stacking up inventory as US demand cooled after the $7,500 federal EV tax credit expired. A chunk of the second-quarter total is that stockpile finally moving off the lot.
Selling inventory is not the same as selling growth. If Tesla shifted those cars using discounts, cheap financing or other incentives, the volume comes at the expense of margin. That distinction is the whole story, and investors will not learn the answer until the company reports full financial results on 22 July.
This is now a pattern, not a surprise
The reaction fits a habit. Tesla shares have fallen on each of the past three quarterly delivery reports, a classic sell-the-news response where a strong print is already priced in before it lands. The stock walked into Thursday around $425, up roughly 24% from its April low, which told you the market had positioned for a beat.
When expectations are set that high, clearing them is not enough. A beat has to be large enough and clean enough to justify a rally, and a beat built partly on inventory liquidation does not clear that second test.
Bar was set low, and Tesla set it
There is a structural reason the beat looks bigger than it is. Tesla compiles and publishes its own consensus on its investor relations page, aggregating sell-side estimates into the number it will be measured against. That creates an obvious incentive for the bar to sit at a level the company can comfortably clear.
Even so, Tesla missed its own Q1 consensus. And the full-year picture remains flat. Analysts model roughly 1.65 million deliveries for all of 2026, barely 1% growth on last year, and that figure has already been trimmed by about 35,000 units since March. A company once growing at 50% a year is now modelled for essentially no growth, and one quarterly beat does not rewrite that.
A $1.4 trillion valuation the cars cannot explain
Here is the deeper reason a delivery beat moves the stock less than it once would. At a market value near $1.4 trillion, the vehicle business accounts for only a fraction of the price. The rest is the robotaxi and humanoid robot story, and no delivery print can validate or disprove that. The report that matters for the narrative is 22 July, when Tesla updates on margins, cash flow and its autonomy program.
The energy business offered a genuine bright spot that tends to get overlooked. Storage deployments hit 13.5 gigawatt hours against 9.6 a year earlier, topping expectations. That segment carries roughly double the gross margin of the car business, so it punches above its weight in profit terms. It was not enough to offset the caution around vehicles.
Questions the report left unanswered
One detail investors flagged is what Tesla did not say. SpaceX, which owns xAI, bought $269 million of Tesla Megapacks in April to cut power costs at its data centres, and last year spent $131 million on Cybertrucks. Tesla did not disclose whether such related-party transactions flattered the quarter's numbers.
The underlying demand picture is also lopsided. Europe rebounded, helped by higher fuel prices and easing of the backlash tied to Elon Musk's politics, with registrations more than doubling in France in June. US sales, by contrast, tracked down around 15% to 20% as buyers leaned toward hybrids and Chinese rivals such as BYD, Nio and Xiaomi kept up the pressure. A recovery leaning this heavily on one region is exactly the kind of beat the market treats with suspicion.
Tesla, Inc. beat Q2 delivery estimates with 480,000 vehicles, mainly Model 3 and Y, but shares slumped 8% post-report. TSLA's inventory drawdown supports cash flow amid $25B+ capital spending, yet cheap financing may pressure margins and profits. Despite solid delivery growth, TSLA trades at 190x forward earnings, making its valuation difficult to justify versus peers.
A display of a Tesla Model 3 using Full Self-Driving Supervised on a highway in San Diego, California, U.S., April 15, 2026. Picture taken with a long exposure. REUTERS/Mike Blake//File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 2 (Reuters) - A Texas man has been charged with manslaughter after driving a Tesla (TSLA.O), opens new tab operating with its automated driving assistance system into a suburban Houston home, killing a 76-year-old grandmother, court papers show.
Michael David Butler, 44, told police he was operating his Model 3 in Full Self-Driving mode on June 19 when he plowed into Martha Avila's home in Katy, Texas, and told paramedics "the car was on 'Autopilot,'" according to court papers. Avila died later at a nearby hospital.
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According to an arrest affidavit, Butler said he was making a DoorDash delivery run when he changed the music on the Tesla's touch screen, and eventually "passed out."
His speed reached 73 miles per hour, more than double the legal limit, and the brake pedal wasn't used in the minute before the crash, the affidavit said. Butler denied having felt ill, and no alcohol or common street drugs were in his system, the affidavit said.
A lawyer for Butler did not immediately respond to a request for comment. Harris County prosecutors did not immediately respond to a similar request.
Tesla has disputed Butler's recollections, with Chief Executive Elon Musk saying a vehicle in Full Self-Driving mode "drives slowly through neighborhood streets" and a software vice president saying Butler manually overrode that mode by flooring the accelerator.
According to KHOU television, Butler appeared in probable cause court on Thursday where bail was set at $150,000, with requirements that he wear an ankle monitor and not drive.
The National Highway Traffic Safety Administration has been investigating the crash, and has since 2016 opened nearly 50 special investigations of Tesla crashes believed to involve advanced driver assistance systems. About two dozen deaths were reported.
Tesla has said its Autopilot system enables vehicles to steer, accelerate and brake within their lanes, while Full Self-Driving lets vehicles obey traffic signals and change lanes. Both require "fully attentive" drivers, it has said.
Avila's family sued Tesla last week, saying her wrongful death reflected the electric vehicle maker's gross negligence and failure to warn that its self-driving systems were defective.
Reporting by Jonathan Stempel in New York and Diana Novak Jones in Chicago; Editing by Stephen Coates
Our Standards: The Thomson Reuters Trust Principles., opens new tab
The electric vehicle (EV) maker reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year and up 34% from the first quarter.
This total came in ahead of a Street estimate of 406,000.
Munster shared on social media Thursday that the sell-off likely happened for three key reasons: buying on the rumor, high gas prices boosting demand, and the end of the Department of Government Efficiency headwind.
"The EV winter that started in March of 2024 is ending. Even backing out those one-time benefits, it still was a monster delivery number," Munster tweeted.
In a blog post, Munster expanded on the three reasons he gave for the share sell-off.
"Third-party data that suggested deliveries were up 20%, pushing the stock up 13% over the past five trading days."
High gas prices were evident for consumers in the second quarter, with a U.S. average price per gallon of $4.21, up 33% year-over-year. Munster said that may have pushed consumers to electric vehicles like Tesla. The investor questions how big of a tailwind this could have been with many seeing higher gas prices as a short-term item.
While Tesla CEO Elon Musk stepped away from his government work on DOGE in May 2025, the official end of the government effort could be a one-time positive catalyst for Tesla.
Munster said the delivery beat shouldn’t be discounted, as the Model S and Model X ended in the quarter. On a like-for-like basis, the growth rate would have been closer to 27%, the highest quarterly delivery growth rate on a year-over-year basis since September 2023.
What’s Next for TeslaThe strong quarterly figure is a positive for Tesla, with two favorable quarters in a row.
First-quarter deliveries were up 6% year-over-year, which came after the ending of the federal EV tax credit in September 2025.
"Now we have two quarters in a row of favorable delivery data, suggesting, in my book, that the EV winter is ending."
Munster highlights a third-quarter delivery estimate from the Street of year-over-year declines of 8%.
The investor said the strong deliveries also come as many investors and analysts are focusing more on items like the Robotaxi and Optimus, which are driving Tesla’s share price higher.
"I agree that’s the right focus, but deliveries still matter. More vehicles on the road mean more data, more FSD usage, more potential FSD customers, more Robotaxi supply, and overall more shots on goal in physical AI."
Price ActionTesla stock is down 7.9% to $391.55 on Thursday versus a 52-week trading range of $288.77 to $498.82. Year-to-date, it’s down 10.7%.
Image via Shutterstock
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After two years of sagging vehicle sales, Tesla (TSLA 7.35%) is having a much better 2026. The electric vehicle company posted record second-quarter sales numbers on Thursday, with vehicle deliveries jumping 25% from a year ago.
Thursday’s sales report topped analysts’ expectations and may help the company build momentum ahead of its second-quarter earnings report on July 22. Let’s look at three takeaways that investors should be considering as they parse Tesla’s quarterly production and delivery report and look ahead to quarterly earnings.
Image source: The Motley Fool.
Takeaway No. 1: Tesla’s turnaroundFirst, let’s look at Tesla’s deliveries and production. Deliveries were 480,126, or nearly 30,000 more than Tesla produced. That means Tesla sold more than it did a year ago, and also thinned out its inventory. Both of those are positive developments.
Metric Q2 2026 Q2 2025 % Change Production 451,758 410,244 10.1% Deliveries 480,126 383,122 25.3% Source: Tesla
Tesla’s deliveries also beat the company-compiled consensus from sell-side analysts, who projected 406,024 deliveries.
It was the second positive deliveries report for Tesla this year. In the first quarter, Tesla’s production numbers were up 12% from a year ago, and deliveries increased 6.3%. And it’s even more significant considering that Tesla saw annual declines in automotive sales in both 2024 and 2025.
Tesla does not break down deliveries by individual model, although it said that the Model 3 and Model Y SUV accounted for 97% of the company’s sales.
Seth Goldstein, a senior equity analyst at Morningstar, told Reuters that European sales bolstered Tesla’s sales numbers in the quarter. European customers can take advantage of government incentives and a growing focus by businesses on electrifying corporate fleets.
"I think the huge growth in Europe is the key driver for Tesla right now,” he said. “U.S. sales still appear to be down, albeit less than the broader U.S. EV decline, while China is seeing small growth.”
The China Passenger Car Association reported that Tesla’s sales in China increased 3.6% from May, totaling 85,982 units.
Tesla is also seeing faster easing of the consumer backlash against Tesla that resulted from CEO Elon Musk’s foray into politics. Musk took a central role in President Donald Trump’s campaign and headed the now-defunct Department of Government Efficiency (DOGE). He also was active in European politics, including his endorsement of the far-right Alternative for Germany party.
A Yale University report estimated that Musk’s political activities cost the automaker between 1 million and 1.26 million vehicle sales in the U.S. between October 2022 and April 2025.
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Takeaway No. 2: Analyst reactionTesla stock fell more than 7% in afternoon trading on Thursday, suggesting that many investors had anticipated Tesla’s Q2 performance and were selling on the news. However, some analysts still see the report as a source of renewed optimism. Truist analyst William Stein raised his price target on Tesla stock from $400 to $430, indicating nearly 10% upside.
Analysts at William Blair said the report shows that Tesla’s auto business “is here to stay,” attributing the beat to higher-than-expected sales in North America, Europe, and China. The company has not beaten estimates to this degree in a while, analysts told investors in a research note.
Morgan Stanley analyst Andrew Percoco maintained his $415 price target, but noted that Tesla’s auto sales showed the company’s highest auto growth rate since the third quarter of 2023.
Analysts also noted that Tesla reported energy storage deployments totaling 13.5 gigawatt-hours, which were in line with estimates.
Takeaway No 3: Here’s what’s next for TeslaIt’s notable that Tesla’s stock actually fell on the positive report, suggesting that investors aren’t expecting anything dramatic from the company’s full quarterly report on July 22. When that report drops, investors will want to know if Tesla’s auto sales margins -- which tightened significantly last year -- have improved.
Tesla will also be pressed for updates on two major initiatives -- its Optimus robot line and improvements to full self-driving (FSD) technology. Tesla and Musk have ambitious plans to make Optimus robots available to the public late next year and eventually roll out FSD nationwide.
Finally, there is speculation that Tesla will one day merge with Space Exploration Technologies, the company Musk founded that went public last month. Wedbush Securities analyst Dan Ives has estimated an 80% chance that Tesla and SpaceX will merge within the next year.
Undoubtedly, Tesla will remain a closely followed stock and continue to make waves. But the major takeaway from today’s report is that Tesla’s automotive business is reclaiming its momentum after two challenging years.
Tesla’s (NASDAQ:TSLA | TSLA Price Prediction) second-quarter delivery report landed well above what Wall Street’s bar. CNBC’s Phil LeBeau captured investor reaction in a single line, calling Q2 results “far better than the Street was expecting.”
Tesla’s 74,000-Vehicle Beat That Shocked Wall Street According to LeBeau’s report, the consensus delivery estimate heading into the report was 406,600 vehicles, meaning Tesla’s Q2 delivery of 480,162 vehicles topped Street expectations by roughly 74,000 vehicles.
Production also held up. Tesla built 451,758 vehicles in the quarter, while its energy storage business deployed 13.5 GWh, a segment LeBeau said “continues to accelerate.”
Why Tesla Fell 8.3% On The News Tesla shares closed at $425.30 on July 1, capping a 13.25% gain over the prior week as expectations built into the release. In Thursday trading after the news was reported, the stock fell 8.3% to $391.30, as investors digested broader market concerns alongside the report. Tesla is up 24% in the past year. Michael Burry recently disclosed a new short position, saying, “Happy it jumped back to this level,“ after entering at $416.22.
The Q2 volume figure sits between Tesla’s recent trough and peak. Q4 2025 deliveries came in at 418,227 units, down 16% YoY. Q3 2025 hit a record 497,099 units. And in the most recent report, Q1 2026, Tesla posted non-GAAP EPS of $0.41 versus a $0.3481 estimate, with automotive gross margin expanding to 21.1% from 16.2% a year earlier.
What To Watch In Tesla’s Full Q2 Results On July 22 Tesla removed one of the biggest concerns heading into the quarter by delivering far more vehicles than Wall Street expected. The next question is whether those stronger deliveries translate into higher profitability.
When Tesla reports full second-quarter results on July 22, investors will be focused on automotive gross margins, regulatory credit revenue, operating income, and updates on Cybercab, Optimus, and Robotaxi. Those figures will determine whether this quarter marks a meaningful turning point for the stock.
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The logo of Tesla is seen on a Tesla car in Brussels, Belgium April 24, 2025. REUTERS/Yves Herman Purchase Licensing Rights, opens new tab
CompaniesJuly 2 (Reuters) - Tesla (TSLA.O), opens new tab on Thursday launched a six-seater long wheelbase version of its best-selling Model Y SUV in the U.S., aiming to boost sales of its electric vehicles after the removal of a key tax credit.
Prices of the launch version start from $61,990 in the U.S., according to Tesla's website.
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The EV maker said its Model Y with extended wheelbase is now also available in the United Arab Emirates, in a separate post on social media platform X.
Instead of launching new models, Tesla has been introducing different variants of the Model Y and its Model 3 compact sedan to stoke demand.
The company rolled out the longer version — called Model Y L — in China last year, which drove sales in the region despite stiff competition from BYD (002594.SZ), opens new tab and other domestic automakers.
It later expanded the sale of the model to other Asia-Pacific markets. The three-row model, which offers 325 miles of range, is expected to help revive some demand in the U.S. after a slowdown due to the removal of a federal tax credit last year.
Tesla on Thursday posted record-setting second-quarter delivery numbers that smashed past Wall Street estimates, led by a rebound in Europe, feeding hopes that in 2026 the EV maker can end its two-year streak of annual declines.
Reporting by Jaspreet Singh in Bengaluru and Abhirup Roy in San Francisco; Editing by Sahal Muhammed
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Phil LeBeau went on CNBC Thursday morning and delivered the kind of number that reorders a Tesla (NASDAQ:TSLA | TSLA Price Prediction) week. “These are far better than the street was expecting for the second quarter. Tesla delivering almost 481,000 vehicles,” he said. For a company that spent the first half of 2026 fighting a narrative about EV demand cratering, this was the reversal.
Tesla reported Q2 deliveries of 480,126 vehicles against a consensus estimate of 406,600. That is the beat everyone is talking about, and it is a big one. The stock, worth about $1.6 trillion going into the release, had been coasting on a 13.25% one-week run before today’s release landed.
The number that shocked wall street LeBeau summed the math up bluntly. “The consensus estimate going into today was 406.6 thousand vehicles. They beat it by 74,000 vehicles. So just a massive beat from Tesla for the second quarter.”
Context matters here. Q1 2026 deliveries came in at 358,023 units, which Jim Cramer had characterized as up about 6% year over year but well below expectations. Then Goldman Sachs walked its Q2 forecast up to 420,000 vehicles from 405,000, and Polymarket traders sniffed something bigger, pricing the 475,000-plus bracket at 0.993 probability heading into today. The prediction market called it. Sell-side analysts stayed lower.
Q2 production was 451,758 vehicles, meaning Tesla shipped more cars than it built. That drew down the inventory that had ballooned to 27 days of supply at the end of Q1. That is the inverse of the problem Cramer flagged in April, when production was rising almost 13% year over year while deliveries lagged. Demand showed up.
It wasn’t just cars The other line in LeBeau’s report that deserves attention concerns the energy business. “They also deployed 13.5 GWh of energy storage. That business continues to accelerate,” he said. That figure sits comfortably above the 12.5 GWh record set in Q3 2025 and near the 14.2 GWh Q4 2025 record. Megapack is quietly becoming the part of Tesla that behaves most like a real growth business, with Services and Other already growing 42% year over year in Q1.
The regional picture underneath the top-line number is uneven. China-made EV sales rose 24.4% year over year in June, the eighth straight month of growth. Spain sales climbed 5.6% in June and 29.8% for the first half. Norway registrations fell 43% year over year. Tesla can absorb Norway. It cannot absorb losing China, which is why the 24.4% number probably matters most inside Palo Alto.
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Meanwhile, BYD reported Q2 2026 battery-electric deliveries of 557,090 units and is on track to reclaim the global EV crown.
Tesla winning the estimate game while still trailing BYD in absolute volume is the shape of this market now.
What to watch next Deliveries are a volume metric. Margins are a profit metric. Those are different things, and the second one gets answered on July 22, after the close, when Tesla reports full Q2 financial results. That is when the market finds out whether the extra 74,000 cars came with pricing discipline or with incentives that compress automotive gross margin. See Tesla’s prior Q1 2026 exhibit on SEC.gov for the baseline.
Q1 was encouraging on that front. Automotive gross margin expanded to 21.1% from 16.2% year over year, and free cash flow ran $1.44 billion. If Tesla held that line while delivering 480,000 cars, the story writes itself. If margins slipped to move the metal, the beat gets recharacterized quickly.
One more thing to keep an eye on. Michael Burry disclosed a fresh short against Tesla at $416.22. The stock opened this morning down 2.89% despite the beat, which tells you the tape was already pricing in something close to this outcome. The analyst consensus target of $421.16 now looks stale. Watch the revisions. That is where the real repricing happens over the next two weeks.
For a regular investor, the takeaway is simple. Tesla just proved the demand skeptics wrong on volume. Whether it proved them wrong on profitability shows up July 22. Both answers are worth waiting for before writing the epitaph on either side of the trade.
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After several quarters of a struggling electric vehicle (EV) business, Tesla (TSLA 7.49%) finally delivered results that one would have expected the market to like.
The company reported over 480,000 EV deliveries in the second quarter of the year, up 25% year over year. The number also beat Wall Street consensus estimates of 406,000.
Despite the beat, Tesla stock closed the day down 7.5%.
This is not Tesla’s formal second-quarter earnings report, which will take place on July 22. Within a few days of the end of each quarter, Tesla provides investors with an update on production and deliveries.
Here’s why Tesla stock fell even after the strong results.
Image source: Tesla.
Other Factors are at playTesla’s stock had been on a strong run in the days leading up to the deliveries report, so it’s quite possible the market saw this coming in advance.
“… investors anticipated the beat,” Gary Black of The Future Fund wrote on X.
Tesla’s EV business has really struggled since the Trump administration took office. Trump’s One Big Beautiful Bill eliminated a $7,500 EV tax credit that incentivized the purchase of EVs.
However, it’s likely that part of the blowout delivery numbers had to do with the Iran war, which has driven the average price per gallon of gas to $3.83 (as of July 2), according to AAA.
This could have prompted people to take a second look at their transportation and decide that owning an EV is worth the upfront cost.
Tesla isn’t the only EV company that has seen a lift lately.
Rivian also reported deliveries today and raised its full-year EV guidance from 62,000 to 67,000 units to 65,000 to 70,000 units.
Another aspect of Tesla’s business that investors and analysts are watching is its energy storage products, including Megapacks, which store energy to provide grid stability, and Powerwall, compact home batteries that can store solar energy or grid-supplied energy.
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In the second quarter, Tesla’s energy products deployed 13.5 gigawatt hours (GWh) of energy storage products. That’s actually up significantly from the first quarter production of 8.8 GWh.
But some analysts still found this lacking, possibly because Tesla deployed 14.2 GWh in the fourth quarter of 2025.
“The pace of growth for Tesla’s energy storage business has tempered,” William Blair analyst Jed Dorsheimer stated in a research note Thursday, according to Barrons. “But our view of the demand environment has not changed; [Tesla] Megapacks continue to be critical to the AI data center and power buildout.”
The EV business no longer drives the stockWhile the EV business still makes up the bulk of Tesla’s revenue, it is no longer a major driver of the stock, as many Tesla followers know.
A rebound in the EV business won’t hurt Tesla, but it’s also not going to help it, given the current valuation of close to 190 times forward earnings.
The future of Tesla’s stock depends on robotaxis and humanoid robots, both of which are still in their early stages and do not yet materially affect the company’s financials.
My long-held belief is that the easy money has already been made in Tesla. Material appreciation from here depends on strong execution in robotaxis and humanoid robots, which I think will be easier said than done.
Michael Butler pressed on the accelerator of the Tesla Model 3 before crashing into a residential home, an investigator wrote. Mike Blake/Reuters A Texas man who drove a Tesla into a home, killing a 76-year-old woman, was pressing the accelerator pedal "all the way down" before the crash, according to an arrest affidavit filed in Harris County District Court.
On June 19, Michael David Butler, 44, crashed a Tesla Model 3 into a brick home in Harris County, Texas. 76-year-old Martha Avila, who was inside the residence, was airlifted to a hospital where she was later pronounced dead, the affidavit said.
Butler was charged with manslaughter and remains in custody at the Harris County jail, court records showed. A spokesperson for the Harris County Sheriff's Office told Business Insider the charge carries a $150,000 bond. Butler's attorney declined to comment.
Local authorities initially said that Butler told investigators he had Tesla's driver-assistance system activated, though they did not specify if it was Autopilot or Full Self-Driving (FSD) Supervised.
Following the reports, the National Highway Traffic Safety Administration opened a probe. Tesla executives pushed back on the initial account.
Tesla's head of AI, Ashok Elluswamy, said in an X post that the driver "manually overrode self-driving by pressing the accelerator all the way to 100% of the accel pedal in this residential area."
A lead investigator wrote in the affidavit that he later reviewed Tesla data and video showing Bulter had been making DoorDash deliveries and activated FSD in the minutes leading up to the crash. Data showed Butler then overrode FSD and pressed the accelerator pedal moments before the fatal incident, the investigator wrote.
"In about six (6) seconds, the accelerator pedal was pressed all the way down to 100% 'pedal to the metal,' and the vehicle reached a speed of 73 miles per hour, more than double the speed limit on that residential street," the investigator wrote. "The Tesla continued straight towards the middle of the cul-de-sac, struck the curb of the complainant's driveway, and went airborne towards the front of the home."
The investigator wrote that the brake pedal was not pressed in the final minute before the crash and that no mechanical error was detected or recorded. Harris County Sheriff's Office said there were no signs of intoxication and that Butler was cooperative with the investigation.
A spokesperson for Tesla did not respond to a request for comment.
Tesla's driver-assistance systems, including Autopilot and FSD, have faced legal and regulatory scrutiny.
A Florida jury found Tesla partly liable for a fatal 2019 Autopilot crash and awarded more than $242 million in damages to the involved families.
Tesla has called the verdict "wrong" and filed an appeal.
The EV maker has also drawn scrutiny over how it marketed its driver-assistance tech. A California judge ruled last year that Tesla misled consumers about its cars' autonomous capabilities through the names "Autopilot" and "Full Self-Driving."
Tesla stopped using "Autopilot" when marketing the technology in California and modified "Full Self-Driving" to indicate that driver supervision is required.
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ToplineTesla’s stock price plunged on Thursday, even after the company announced surging vehicle deliveries in its second quarter that cleared analyst expectations by tens of thousands of cars, possibly signalling sustained investor hesitancy even after sales recovered in Europe.
TSLA was down about 8% by 1 p.m. EDT on Thursday.
MediaNews Group via Getty Images
Key FactsTesla delivered 480,126 vehicles in the April-June quarter, easily outperforming expectations of 406,000 and up from about 358,000 deliveries in 2026’s first quarter, according to an Securities and Exchange Commission filing ahead of the company’s second quarter financial results expected later in July.
Sales also largely recovered in Europe, rising a reported 77% in markets on the continent between January and May, according to data from the European Automobile Manufacturers’ Association.
Despite the positive signs, Tesla’s stock fell after markets opened on Thursday, and was down about 8% around 1 p.m. EDT.
At least one prominent investor has a bearish outlook on the Elon Musk-helmed electric vehicle manufacturer—Michael Burry, the investor profiled in “The Big Short” who famously predicted the subprime mortgage crisis, revealed Tuesday he took a short position in the company.
Crucial Quote"And finally I shorted Tesla at 416.22. Happy it jumped back to this level," Burry wrote at the end of a post on his Substack published on Tuesday. Burry’s post was primarily detailing his analysis of what he sees as a semiconductor bubble and said nothing else about Tesla. Burry didn’t reveal how large his short position against the company was, and provided no other context about the bet.
Surprising FactTesla stopped producing several of its higher end models this quarter, discontinuing its Model S and Model X vehicles and focusing on just three cars: the Model 3 sedan, the Model Y SUV and the Cybertruck. Model 3 and Model Y cars made up the clear majority of deliveries in the second quarter, according to Tesla’s data, while only 12,364 Cybertrucks were delivered.
Key BackgroundTesla faced rising backlash in Europe after President Donald Trump won the 2024 election. Consumers fled from the company as Musk took more public political stances, such as backing German far-right party AfD prior to the German elections. Sales in Europe plummeted, falling almost 27% over the course of 2025, Reuters reported.
Forbes ValuationWe estimate Elon Musk’s net worth at $972.4 billion, making him the wealthiest person in the world. His net worth has fallen by over $14 billion on Thursday, as Tesla’s stock price drops and share prices for his newly public SpaceX remain flat. SpaceX’s collapsing share price on Wednesday cost Musk about $50 billion, bringing his net worth down and making him lose his status as the world’s first trillionaire.
TangentTesla’s positive sales numbers come only days after the company's electric semi truck was involved in its first recorded fatal crash. Two people in Nevada were killed after one of Tesla’s trucks crashed into a Volkswagen Beetle about 30 miles from Tesla’s gigafactory in the state. Details about the crash are still sparse, but the Lyon County Sheriff’s Office said preliminary reports “suggest the driver of the semi may have fallen asleep.”
Bloomberg's Ed Ludlow breaks down reports that OpenAI is holding early-stage discussions about giving the US government a 5% equity stake. Plus, Tesla's delivery numbers rose 25% from a year ago, beating Wall Street's expectations by a wide margin.
Landon Swan from @LikeFolio discusses Tesla (TSLA) and why shares in the company slid even though second quarter vehicle deliveries topped expectations. After the stock pumped the brakes Thursday, Landon now believes it is fairly priced.
Tesla blew past Wall Street estimates for second-quarter deliveries on Thursday, posting a record for the period as recovering demand in Europe outweighed persistent weakness in North America.
The strong figures suggest Tesla’s mainstay auto business is regaining momentum after two straight annual sales declines, providing the spending cushion needed to power its ambitions in autonomous driving and artificial intelligence — the main drivers of the company’s roughly $1.6 trillion valuation.
Tesla expects to spend more than $25 billion on capital expenditure in 2026, nearly triple the $8.5 billion last year, to expand AI infrastructure, battery production, Cybercab manufacturing and Optimus robots.
The strong figures suggest Tesla’s mainstay auto business is regaining momentum after two straight annual sales declines, Tesla Model 3 and a person dressed in a Tesla Optimus humanoid robot, above. NurPhoto via Getty Images “I think the huge growth in Europe is the key driver for Tesla right now. US sales still appear to be down, albeit less than the broader US EV decline, while China is seeing small growth,” said Seth Goldstein, senior equity analyst at Morningstar.
Tesla’s recovery in Europe was aided by government EV incentives, faster electrification of corporate fleets, higher fuel prices and an easing of the consumer backlash over CEO Elon Musk’s far-right politics last year.
The company delivered 480,126 vehicles in the April-June period, a record for the second quarter and up about 25% from a year earlier, easily surpassing analysts’ average estimate of 402,776 vehicles, according to Visible Alpha data.
Tesla produced 451,758 vehicles during the quarter.
The deliveries exceeded production by more than 28,000 vehicles, leading the company to draw down inventory that it built up during the first quarter.
The company’s China-made EV sales have risen this year, helped by production of the refreshed Model Y, despite intense competition from BYD and other domestic automakers.
Tesla’s recovery in Europe was aided by government EV incentives, faster electrification of corporate fleets, higher fuel prices and an easing of the consumer backlash over CEO Elon Musk’s far-right politics last year. Xavier Collin/Image Press Agency / BACKGRID Shares of Austin, Texas-based Tesla were down about 6% after gaining 12% so far this week. The company said it will report quarterly results on July 22 after markets close.
Analysts said much of the optimism had already been priced in after Tesla’s shares rallied ahead of the quarterly deliveries report, resulting in a muted reaction on Thursday.
Earlier in the day, smaller rival Rivian raised its annual deliveries forecast and beat estimates for second-quarter deliveries.
Tesla has continued to roll out its Full Self-Driving (FSD) advanced driver assistance software in Europe, although it is available in only a handful of countries.
Tesla produced 451,758 vehicles during the quarter. The deliveries exceeded production by more than 28,000 vehicles, leading the company to draw down inventory that it built up during the first quarter. AP Photo/Damian Dovarganes Analysts expect broader availability over the coming months to support demand.
The company expanded its robotaxi operations after launching a limited commercial service in Austin in June.
Musk has said the company intends to rapidly expand the service through 2026.
Production of the Cybercab, Tesla’s purpose-built autonomous vehicle without pedals or a steering wheel, is expected to ramp up later this year.
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Tesla Inc (NASDAQ:TSLA) reported second quarter vehicle deliveries of 480,126 and production of 451,758, surpassing Wall Street expectations as the electric vehicle maker seeks to reverse recent sales declines.
The company delivered 467,762 Model 3 and Model Y vehicles during the quarter, while deliveries of its other models totaled 12,364. Tesla produced 442,936 Model 3 and Model Y vehicles and 8,822 vehicles across its other models.
Analysts had expected deliveries of about 406,600 vehicles, according to a StreetAccount consensus, while Tesla's company-compiled consensus forecast 406,024 deliveries.
The Q2 delivery total was up about 25% from approximately 384,000 vehicles delivered in the same period last year and 34% higher than the 358,023 vehicles delivered in the first quarter of 2026.
Tesla also reported deploying 13.5 GWh of energy storage products during the quarter.
Despite the stronger-than-expected delivery results, Tesla shares were down 7% on Thursday morning, likely reflecting profit taking.
Key Takeaways Tesla reported substantially more second-quarter deliveries than Wall Street expected, likely a partial reflection of EV demand pushed higher by high U.S. gas prices amid the U.S.-Iran conflict.Rivian also topped its own second-quarter projections, and lifted its full-year guidance.Shares of Tesla tumbled Thursday morning, while Rivian stock jumped more than 10%. Tesla's deliveries delivered today.
Elon Musk's EV company on Thursday morning said second-quarter deliveries came in above 480,000, substantially topping both Visible Alpha's average of Wall Street analysts' expectations and an average compiled by the company.1
That data—along with news that Rivian (RIVN) said its own Q2 deliveries came in higher than it expected, leading it to lift its full-year guidance—may in part reflect an uptick in EV demand driven by gas prices that were pushed higher by the U.S.-Iran conflict.2 Shares of Rivian were recently up 11%, while Tesla (TSLA) was off more than 6% in early Thursday trading.
Why This Matters to Your Money High gas prices can affect consumer behavior in a number of ways, including restraining other types of spending and sending drivers to the fuel pump more frequently for less gas. Data from the second quarter indicated that they may also have driven car buyers to EVs as they sought relief.
The average price of a gallon of regular unleaded, recently a bit above $3.80 according to AAA data, is down from a month ago but well above year-earlier levels.3 (Here's Investopedia's take on what to expect from gas prices over the balance of 2026.)
Some market experts think gas prices might have had little effect on second-quarter buying habits. "Although there is a tremendous amount of economic and policy uncertainty these days, the new-vehicle market seems to be relatively unfazed," Cox Automotive said last month. 4
Tesla shares had an interesting first half to 2026. They rose about 13% in the second quarter, slightly underperforming the S&P 500, but they were down for the year while the benchmark index rose nearly 10%. More broadly, the Magnificent 7 group of stocks, of which Tesla is a member, retreated over the first six months of the year, reflecting some unease about the health of the Big Tech rally.
CEO Elon Musk has sought to retrain investors from thinking of Tesla as an EV company, encouraging focus on emerging lines of business such as autonomous vehicles, artificial intelligence and robots. Some market watchers, meanwhile, believe the company's long-term future is as a division of SpaceX (SPCX), which Musk brought to public markets last month. Both companies are among the world's most valuable.
Shares of SpaceX, meanwhile, were up about 1% Thursday morning at $159. They're holding above the $150 price at which they started trading on IPO day three weeks ago; earlier this week, the company picked up fresh Wall Street analyst coverage, with Wedbush setting a $190 price target on the shares. That's well above recent levels, but below the stock's post-IPO highs.
Employees work at the Tesla Gigafactory during a government-organised media trip in Shanghai, China, April 14, 2026. REUTERS/Go Nakamura Purchase Licensing Rights, opens new tab
CompaniesBEIJING, July 2 (Reuters) - Tesla's (TSLA.O), opens new tab 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.
Deliveries of Model 3 and Model Y vehicles made in its Shanghai plant, which is also an export hub for Europe, grew 24.4% from a year earlier to 89,091 units, data from the China Passenger Car Association showed on Thursday. The increase followed a 39.4% gain in May.
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For the second quarter, Tesla's combined China sales and exports from the Shanghai factory were up 32.8% year-on-year.
Later on Thursday, the EV specialist is expected to report a 5% year-over-year increase in global vehicle deliveries to 402,780 vehicles over the past quarter, buoyed by stronger demand in Europe where a spike in fuel prices following the U.S.-Israel conflict with Iran has prompted more consumers to turn to EVs.
The recovery in Europe and resilient demand in China are expected to help offset declining sales in North America.
Even so, the results could leave the door for its biggest Chinese rival, BYD (002594.SZ), opens new tab, to retake the title of the world's top EV seller after briefly ceding it to Tesla in the first quarter.
BYD, which posted a second consecutive month of sales growth in June, sold 557,090 battery-electric vehicles globally in the second quarter, underlining the strength of its overseas expansion, particularly in Europe, as it seeks to diversify beyond China's fiercely competitive domestic market.
Reporting by Qiaoyi Li, Zhang Yan and Ju-min Park; editing by Barbara Lewis and Louise Heavens
Our Standards: The Thomson Reuters Trust Principles., opens new tab
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.
The National Highway Traffic Safety Administration found no crashes tied to the issues and that they posed only a low safety risk and were addressed in software updates.
AUSTIN, Texas--(BUSINESS WIRE)--In the second quarter, we produced over 450,000 vehicles, delivered over 480,000 vehicles and deployed 13.5 GWh of energy storage products.
Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve these results.
Q2 2026
Production
Deliveries
Subject to operating lease accounting
Model 3/Y
442,936
467,762
2%
Other Models
8,822
12,364
2%
Total
451,758
480,126
2%
Tesla will post its financial results for the second quarter of 2026 after market close on Wednesday, July 22, 2026. At that time, Tesla will issue a brief advisory containing a link to the Q2 2026 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
What: Tesla Q2 2026 Financial Results and Q&A Webcast
When: Wednesday, July 22, 2026
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q2 2026 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)
Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company’s website.
For additional information, please visit https://ir.tesla.com.
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q2 earnings. Tesla vehicle deliveries and storage deployments represent only two measures of the Company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including average selling price, cost of sales, foreign exchange movements and others as to be disclosed in the 10-Q for the quarter ended on June 30, 2026.
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Elon Musk has bet Tesla's future on its Cybercab robotaxi and Optimus humanoid robot. Christian Marquardt - Pool/Getty Images Tesla's sales are bouncing back — with a little help from high gas prices.
The EV giant delivered 480,126 EVs in the second quarter, up 25% year-over-year, in a sign that Tesla sales have largely recovered from a wave of anti-Elon Musk backlash in 2025 and a steep decline in the wider US EV market.
The sales figures came in way above Wall Street's expectations. A Bloomberg consensus of Wall Street analyst predictions estimated Tesla would sell 396,466 EVs, while a company-compiled consensus suggested deliveries would reach 406,024 vehicles.
Tesla's share price rose nearly 2% in premarket trading on the sales numbers, before paring back gains.
Like many of its rivals, Tesla has been battling a so-called "EV winter" in the US following the end of the $7,500 tax credit for new electric vehicles in September.
Total US electric vehicle sales fell 27% in the first three months of the year, according to data from Cox Automotive, and a wave of electric vehicle models has since vanished from the market as automakers roll back ambitious EV targets amid weak demand.
However, a spike in gas prices due to the war in the Middle East appears to have given the industry a shot in the arm. Data from Kelley Blue Book, an automotive research firm, estimates EV sales in the US topped 85,000 in May, the highest since the EV tax credit was scrapped in September 2025.
In February, before the war began, average US gas prices were just under $3 per gallon. They peaked in May at about $4.56 per gallon, according to AAA.
Stephanie Valdez-Streaty, Cox Automotive's director of industry insights, told Business Insider that Tesla's second-quarter sales have been boosted by high gas prices.
That boost mainly came from markets like Europe, which have seen an EV sales boom in recent months, Valdez-Streaty said. Meanwhile, she added, growth of alternative fuel vehicles in the US has been focused on hybrids — which Tesla doesn't sell.
"If you think about the European market and the Chinese market, Tesla definitely benefited from those high gas prices," she said.
In a June note, analysts at Goldman Sachs wrote that they expect EV adoption to accelerate in the coming years, ultimately pushing oil prices down.
All eyes on robotaxisFor Tesla, the latest figures show that its underlying EV business remains strong, even as the company pivots away from it.
In January, Musk said Tesla would end production of its premium Model S and X vehicles to free up factory space for its Optimus humanoid robot, which is set to start production this summer.
Tesla is also ramping up production of its Cybercab, a gold-colored robotaxi that doesn't have a steering wheel or pedals. The company's wider robotaxi rollout has been sluggish so far, however, with only a few dozen vehicles operating in Austin, Houston, and Dallas a year after the service began.
The Tesla Cybercab is key to Tesla's robotaxi ambitions. Jacek Boczarski/Anadolu via Getty Images The EV pioneer has been eclipsed in recent weeks by Musk's other public company, SpaceX, which raised $85 billion in a record-breaking IPO and is now valued at almost $480 billion more than Tesla.
SpaceX's stock market surge has led some Tesla investors to suggest that the two companies should merge. Speaking before SpaceX went public, the rocket maker's president, Gwynne Shotwell, didn't rule it out.
"That might make Elon's life a little easier, actually," she said.
"There's no question that there's synergies between Tesla and SpaceX in our futures, definitely, there's a convergence of a kind of what we're all trying to accomplish in the future," Shotwell added.
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A Tesla electric vehicle is parked at a Tesla dealership, after Tesla, Inc. released its financial results for the first quarter of 2025, in Berlin, Germany April 23, 2025. REUTERS/Annegret Hilse Purchase Licensing Rights, opens new tab
SummaryCompaniesEurope rebound followed last year's slump, partly linked by analysts to Musk's politicsDeliveries topped production by over 28,000 vehicles, reducing inventory buildupTesla will report quarterly results on July 22 after markets closeCo expects to spend more than $25 billion on capital expenditure in 2026July 2 (Reuters) - Tesla (TSLA.O), opens new tab blew past Wall Street estimates for second-quarter deliveries on Thursday, posting a record for the period as recovering demand in Europe outweighed persistent weakness in North America.
The strong figures suggest Tesla's mainstay auto business is regaining momentum after two straight annual sales declines, providing the spending cushion needed to power its ambitions in autonomous driving and artificial intelligence - the main drivers of the company's roughly $1.6 trillion valuation.
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Tesla expects to spend more than $25 billion on capital expenditure in 2026, nearly triple the $8.5 billion last year, to expand AI infrastructure, battery production, Cybercab manufacturing and Optimus robots.
"I think the huge growth in Europe is the key driver for Tesla right now. US sales still appear to be down, albeit less than the broader US EV decline, while China is seeing small growth," said Seth Goldstein, senior equity analyst at Morningstar.
Tesla's recovery in Europe was aided by government EV incentives, faster electrification of corporate fleets, higher fuel prices and an easing of the consumer backlash over CEO Elon Musk's far-right politics last year.
The company delivered 480,126 vehicles in the April-June period, a record for the second quarter and up about 25% from a year earlier, easily surpassing analysts' average estimate of 402,776 vehicles, according to Visible Alpha data.
Tesla produced 451,758 vehicles during the quarter. The deliveries exceeded production by more than 28,000 vehicles, leading the company to draw down inventory that it built up during the first quarter.
The company's China-made EV sales have risen this year, helped by production of the refreshed Model Y, despite intense competition from BYD (002594.SZ), opens new tab and other domestic automakers.
Shares of Austin, Texas-based Tesla were down about 2% after gaining 12% so far this week. The company said it will report quarterly results on July 22 after markets close.
Analysts said much of the optimism had already been priced in after Tesla's shares rallied ahead of the quarterly deliveries report, resulting in a muted reaction on Thursday.
Earlier in the day, smaller rival Rivian raised its annual deliveries forecast and beat estimates for second-quarter deliveries.
Tesla has continued to roll out its Full Self-Driving (FSD) advanced driver assistance software in Europe, although it is available in only a handful of countries. Analysts expect broader availability over the coming months to support demand.
The company expanded its robotaxi operations after launching a limited commercial service in Austin in June. Musk has said the company intends to rapidly expand the service through 2026.
Production of the Cybercab, Tesla's purpose-built autonomous vehicle without pedals or a steering wheel, is expected to ramp up later this year.
Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1.
Tesla reported vehicle deliveries and production levels for the second quarter that far exceeded Wall Street expectations, as Elon Musk's automaker tries to rebound from consecutive annual declines in auto sales.
Here are the key numbers:
Total Q2 vehicle deliveries: 480,126Total Q2 vehicle production: 451,758Analysts were expecting around 406,600 deliveries, according to StreetAccount's consensus. Tesla's company-compiled consensus published last week was 406,024 deliveries.
In the same period last year, Tesla reported around 384,000 deliveries, and in the first quarter of 2026, the number came in at 358,023.
Thursday's update showed a 25% year-over-year increase, and 34% increase versus the first quarter in deliveries for Tesla.
Shares of Musk's EV maker sank about 4% on Thursday.
Tesla doesn't break out exact delivery numbers by region or individual model, but the company said its entry-level Model 3 sedan and most popular Model Y SUVs accounted for 467,762, or 97% of its deliveries. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in its shareholder communications.
Tesla is trying to recover from consecutive annual declines in vehicle sales that were partly caused by a consumer backlash against Musk, the world's wealthiest person, and by the loss of a U.S. federal tax credit. Musk's incendiary political rhetoric, endorsements of anti-immigrant extremists in Europe, and his work with the Trump administration to shrink the federal workforce drove away some prospective EV buyers.
Read more CNBC tech newsMeta's push into cloud computing means Wall Street has to prepare for lower marginsChip stocks that notched record rallies in second quarter start Q3 with a dudPlayStation will end physical disc production for new games in 2028Employers who laid off workers citing AI are already starting to regret itMeanwhile, Chinese automakers like BYD, Nio and Xiaomi came to market with an array of more affordable, and high-tech EVs, while Tesla also faced increased competition from South Korea's Hyundai Motor Group and European EV makers including Volkswagen.
To revitalize sales, Tesla started selling lower-cost versions of its Model 3 and Model Y vehicles, and more recently made its driver assistance systems, marketed under the brand name Full Self-Driving (Supervised), available in some European markets.
The biggest boon for the company in the quarter may have been soaring gas prices resulting from the war in Iran. European car buyers purchased more Tesla and other EVs in the first half of the year. However, oil prices are now back near where they were trading before the war began in February, in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion.
In the U.S., car buyers have pulled back from fully electric vehicles, and are embracing hybrids, according to Dan Hearsch, managing director at AlixPartners.
"We have a huge country, and people live far away from each other compared to Europe where the charging infrastructure is better and people don't have to drive quite so far," Hearsch said.
In the second half of the year, inflation, shifting trade policy, the rising cost of chips and other components may pose the biggest challenges to U.S. automakers, he added.
Tesla stock chart.
Musk has directed Tesla to focus on ramping production and sales of its Semi electric trucks, and to start production of its driverless Cybercab. The company is also looking to begin production of its Optimus humanoid robots.
In Tesla's first quarter investor update, the company said it was "optimizing" its vehicle portfolio, "with an emphasis on vehicles designed for a fully autonomous future" and expected "volume production of both Cybercab and the Tesla Semi this year."
Tesla said in January that it would stop producing its flagship Model S and X vehicles, and would use their factory lines in Fremont, California to build Optimus units.
In its Energy business, which installs solar photovoltaics and sells battery energy storage systems, Tesla said it deployed 13.5 GWh in the second quarter of 2026, compared to 9.6 Gwh a year ago. Analysts expected 13.3 GWh.
Musk's SpaceX, which owns xAI, bought $269 million worth of Tesla Megapacks in April, according to its IPO filing. SpaceX is using the Megapacks to reduce xAI's electricity costs at its power-hungry data centers in and around Memphis, Tennessee.
In the second quarter deliveries report, Tesla did not disclose whether related-party transactions contributed to the strong numbers. Last year, SpaceX spent $131 million purchasing Tesla Cybertrucks. That dollar amount represented a large portion of the 20,237 Cybertrucks Tesla sold in 2025, according to Kelley Blue Book.
As of Wednesday's close, Tesla shares were down about 5% this year, while the Nasdaq was up 12%.
Tesla plans to report second-quarter financial results on Wednesday, July 22, after the market's close.
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. Now that Dr. Michael Burry of The Big Short fame doesn’t have to answer to any investors (he’s moved on from Scion), it feels like the man is now able to place bearish bets against companies that he fundamentally believes are at risk of a tumble or even a crash.
Of course, Dr. Burry is a brilliant man who made one of the best trades of all-time in the face of the housing meltdown of 2008. But like so many other investment greats, his batting average is not perfect and, on occasion, he’ll strike out. In any case, I do think the man has a strong case for placing bearish bets against Tesla at north of $416 per share.
Tesla shares are picking up traction. But standing in front of a potential breakout is risky The recent spike in the release of its Full Self-Driving (FSD) v14 Lite release, I think, might be a tad overdone. At the end of the day, Tesla still has a lot to prove as Optimus, the Terafab, and its custom silicon look to hit the spot. At these heightened valuations, there is certainly no room for error. But, then again, it’s Tesla and Elon Musk we’re talking about.
Fans of the firm and Mr. Musk are among the most patient of investors in the world. Call them diamond hands, if you will, but they’re willing to stick around for the long run as they buy into Mr. Musk’s long-term vision of the future.
Could it be that Mr. Musk’s exceptional stewardship is worth more than 300 times trailing price-to-earnings (P/E), as he splits his time across Tesla and Space Exploration Technologies (NASDAQ:SPCX)?
As always, time will tell. Maybe one day Tesla and SpaceX will merge into one — a move that I think would make the most sense, given robots, AI, chips, orbital data centers, and lunar production all seem to fit into the same basket.
Why I wouldn’t follow Dr. Burry’s new big short While Dr. Burry’s latest Tesla short should have investors asking questions about what could go wrong as the price of admission starts to swell again, I still think that Dr. Burry’s moves and words should not be taken as any form of gospel.
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Despite its lofty valuation, Tesla has and will probably continue to be tough to short. That is, unless some of the big, ambitious projects that lie ahead run into a few hurdles. The company is taking a huge risk to get a better seat in the physical AI race.
But, then again, high risk tends to accompany high reward, and if there’s a man who’s shown he can execute, it’s Elon Musk. Though, he’s known to be quite aggressive with the timing. As AI moves down an exponential curve, rather than a linear one, though, maybe Mr. Musk will be right to move with such aggression, as he turns his vision, deep pockets, and speed of execution into a tremendous first-mover’s advantage.
When it comes to AI and robotics, much of the spoils are bound to go to the firms that are willing to take risks, move fast, and shoot high. In that regard, I’d be pretty hesitant to follow anyone into a short position on shares of Tesla.
The bottom line Still, at these valuations, I think it’s not hard to dismiss the bear-case scenario, especially if interest rates are destined to go higher from here, and if delays hit Cybercab, Optimus, or EV sales.
Add dilution into the equation, and it certainly feels like Dr. Burry might just get the timing right with his new short position. Personally, I wouldn’t go long or short in a name that’s a fierce tug of war between the bulls and the bears.
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Image Credits:Tesla 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.
The company said Thursday that it built 451,758 in the second quarter, 442,936 of which were Model 3 sedans and Model Y SUVs. It delivered 467,762 of those vehicles, with the remaining 12,364 being “other models” — which includes the Cybertruck and the final-production Model S sedans and Model X SUVs. It was the company’s best second quarter by raw delivery numbers ever, and easily outpaced Wall Street’s expectations.
It’s Tesla’s best quarter for overall sales since the third quarter of 2025, when it shipped just shy of 500,000 vehicles around the world. And while the company still has an uphill battle to stop a two-year trend of declining overall sales, the second quarter results show Tesla is finding ways — through geographic expansion, and cheaper versions of the Model 3, Model Y, and Cybertruck — to buck that trend.
