Tesla deliveries hit record 480,126 as shares fall 8%
The automaker's vehicle deliveries have flatlined while capital expenditures on artificial intelligence and robotics are ballooning, raising questions about what Tesla actually is anymore
Tesla delivered a record 480,126 vehicles during the second quarter, beating Wall Street expectations by more than 18% as demand recovered across several international markets.
The electric vehicle maker produced 451,758 vehicles during the period, including 442,936 Model 3 and Model Y vehicles and 8,822 units from its remaining lineup. Deliveries included 467,762 Model 3 and Model Y vehicles and 12,364 other models.
Tesla’s delivery total was about 25% higher than a year earlier and exceeded its company compiled analyst consensus of 406,024 vehicles. Visible Alpha analysts had expected approximately 402,776 deliveries.
Deliveries exceeded production by more than 28,000 vehicles, allowing Tesla to reduce part of the inventory accumulated during the first quarter. Tesla had produced 50,363 more vehicles than it delivered during the first three months of the year.
The stronger quarter was supported by a recovery in Europe, where higher fuel prices, government incentives and increased adoption among corporate fleets contributed to demand. Sales in China also improved following the release of an updated Model Y, while US demand remained under pressure following the expiration of federal electric vehicle tax credits.
Tesla shares fell nearly 8% on Thursday despite the delivery beat, trading near $392 in afternoon trading. The stock had gained about 12% earlier in the week as investors anticipated stronger results.
Quarterly delivery figures remain central to Tesla’s financial performance even as CEO Elon Musk expands the company’s focus toward autonomous driving, artificial intelligence, energy storage and humanoid robots.
Tesla expects capital spending to exceed $25 billion in 2026, nearly three times the $8.5 billion spent last year. The investment will support artificial intelligence infrastructure, battery production, Cybercab manufacturing and Optimus robot development.
The company deployed 13.5 gigawatt hours of energy storage products during the quarter, below its company compiled consensus estimate of 13.8 gigawatt hours.
Tesla will report its complete second quarter financial results after the market closes on July 22. The earnings release will provide further details on automotive margins, cash flow and the impact of the inventory reduction.