Tesla shares rise 3% in premarket after Q2 deliveries blow past estimates

The automaker delivered 480,126 vehicles in the second quarter, crushing analyst forecasts by more than 20%.

by Editorial Team

Thu 2 Jul 2026 · 09:18 EDT 2 min read

Tesla delivered 480,126 vehicles in the second quarter of 2026, a number that landed so far above Wall Street’s expectations it might as well have arrived in a different zip code. Analysts had penciled in somewhere between 396,500 and 408,600 units. Tesla beat the high end of that range by more than 70,000 cars.

Shares responded accordingly, climbing 3% in premarket trading on July 2.

The numbers behind the rebound

Tesla delivered just 358,023 vehicles in Q1 2026. That means Q2 deliveries jumped roughly 34% quarter over quarter.

Production came in at 451,758 vehicles for the period. Tesla delivered more vehicles than it produced, with that gap of about 28,000 units suggesting the company was working through existing inventory.

Tesla’s full-year 2025 deliveries totaled 1.64 million vehicles. At a quarterly run rate of 480,000, the company would be on pace to comfortably surpass that annual figure.

Analysts had projected only modest year-over-year growth of around 5% for Q2. Instead, Tesla appears to have delivered something closer to 34% year-over-year growth compared to Q2 2025.

What changed from Q1’s slump

The Q2 recovery appears to have been driven primarily by stronger performance in European and international markets. While US sales remained comparatively soft, overseas demand picked up enough slack to push the total well beyond what anyone was modeling.

What this means for investors

There’s also an underappreciated angle on Tesla’s balance sheet. The company continues to hold 11,509 BTC, valued at roughly $690 million as of early July. That Bitcoin position represents a meaningful digital asset allocation that differentiates the company from every traditional automaker.

The production-to-delivery gap is worth watching in coming quarters. When a company delivers more than it produces, it’s drawing down inventory, which means production needs to ramp if the delivery pace is going to hold.

Tesla Inc. (TSLA) price

Full chart and stats

Loading chart…

Last close: $400
Close-to-close change: −0.9%
Market cap: $1.6T (shares as of 2026-10-15)
P/E (trailing): 439.4 (EPS to 2026-09-30)
Annual revenue: $94.8B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: −2.9% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 3,794,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 4.6% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 30, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Tesla Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Tesla Inc. TSLA · Price dated Oct 30, 2026 · tokenized TSLAx	$400	$1.6T	439.4	Unavailable	$94.8BFY ended 2025-12-31 · 10-K	−2.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	3,794,000,000FY ended 2025-12-31, attributable to the company · 10-K	4.6%FY ended 2025-12-31
General Motors Co GM · Price dated Oct 30, 2026	$87	$73.7B	19.1	Unavailable	$185.0BFY ended 2025-12-31 · 10-K	−1.3%FY ended 2025-12-31 vs 2024-12-31 · 10-K	2,697,000,000FY ended 2025-12-31, attributable to the company · 10-K	1.6%FY ended 2025-12-31
Ford Motor Co F · Price dated Oct 30, 2026	$12	$48.8B	Not meaningfulLoss, diluted EPS −1.98 to 2026-09-30 · SEC filing	Unavailable	$187.3BFY ended 2025-12-31 · 10-K	+1.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−8,182,000,000FY ended 2025-12-31, available to common stockholders · 10-K	−4.9%FY ended 2025-12-31
Rivian Automotive, Inc. RIVN · Price dated Oct 30, 2026	$12	$17.7B	Not meaningfulLoss, diluted EPS −2.26 to 2026-09-30 · SEC filing	Unavailable	$5.4BFY ended 2025-12-31 · 10-K	+8.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,646,000,000FY ended 2025-12-31, attributable to the company · 10-K	−66.5%FY ended 2025-12-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes, CoinGecko and Databento. Oldest record refresh: Nov 1, 2026, 12:51 AM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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