Tesla Shares Drop 6% After 480,126 Q2 Deliveries Beat 406,600 Forecast
Updated
Updated · CNBC · Jul 2
Tesla Shares Drop 6% After 480,126 Q2 Deliveries Beat 406,600 Forecast
3 articles · Updated · CNBC · Jul 2
Summary
480,126 vehicle deliveries in the second quarter topped Wall Street's roughly 406,600 estimate, yet Tesla shares fell about 6% on Thursday.
25% year-over-year and 34% sequential delivery growth came as Tesla pushed lower-cost Model 3 and Model Y variants; those two models made up 467,762 deliveries, or 97% of the total.
451,758 vehicles were produced in the quarter, while Tesla's energy unit deployed 13.5 GWh, also ahead of expectations.
Europe helped drive the rebound as high gasoline prices during the Iran war lifted EV demand, offsetting weaker U.S. appetite for fully electric cars after the loss of federal tax credits.
July 22 earnings are the next test as Tesla tries to sustain the recovery amid political backlash against Elon Musk, rising competition and higher chip and component costs.