Tesla delivered 480,126 vehicles in the second quarter, a result that topped Wall Street expectations and marked a sharp rebound from the first quarter. Production reached 451,758 vehicles, according to the company.
The update offered a much stronger reading than analysts were expecting, with StreetAccount consensus at about 406,600 deliveries and Tesla’s own compiled consensus published last week at 406,024. The company also said deliveries rose 25% from a year earlier and 34% from the first quarter.
| Q2 2026 Metric | Result | Comparison |
|---|---|---|
| Total vehicle deliveries | 480,126 | Above expectations |
| Total vehicle production | 451,758 | Company-reported figure |
| Energy deployed | 13.5 GWh | Up from 9.6 GWh a year ago |
Even with the stronger numbers, Tesla shares fell about 3% on Thursday. As of Wednesday’s close, the stock was down about 5% for the year while the Nasdaq had gained 12%.
Model 3 and Model Y still dominate
Tesla said its Model 3 sedan and Model Y SUVs accounted for 467,762 deliveries, or 97% of the quarter’s total. The company does not report exact delivery numbers by region or individual model beyond that breakdown, and deliveries are its closest approximation of sales.
The latest report comes as Tesla tries to recover from consecutive annual declines in vehicle sales. CNBC has reported that the slump has been tied in part to backlash against Elon Musk, the loss of a U.S. federal tax credit, and intensifying competition from rivals in China, South Korea and Europe.
Chinese automakers including BYD, Nio and Xiaomi have pushed a mix of lower-priced and higher-tech EVs into the market. Tesla has also faced pressure from Hyundai Motor Group and European automakers such as Volkswagen.
What Tesla is betting on next
To revive demand, Tesla has started selling lower-cost versions of the Model 3 and Model Y. It has also expanded access to its driver assistance systems, sold under the Full Self-Driving (Supervised) brand, in some European markets.
Musk has also steered the company toward newer products, including the Semi electric trucks, the driverless Cybercab and Optimus humanoid robots. In its first-quarter investor update, Tesla 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 repurpose those factory lines in Fremont, California to build Optimus units.
Energy growth and a volatile backdrop
Alongside the vehicle update, Tesla said its Energy business deployed 13.5 GWh in the quarter, compared with 9.6 GWh a year ago. Analysts had expected 13.3 GWh, making the segment another modest beat.
Some of the quarter’s strength may have come from higher European EV demand after gas prices jumped during the war in Iran. Those oil prices have since moved back near prewar levels as a fragile truce between the U.S. and Iran holds and diplomatic efforts continue.
In the U.S., demand has been softer for fully electric vehicles, with buyers increasingly choosing hybrids, according to Dan Hearsch, managing director at AlixPartners. He said charging access and long travel distances remain bigger hurdles in the U.S. than in Europe.
Spending and competition could make the back half of the year more difficult for automakers, Hearsch added, pointing to inflation, shifting trade policy, and rising costs for chips and other components.
Tesla plans to report second-quarter financial results on Wednesday, July 22, after the market closes. The company’s delivery report did not say whether related-party business helped the quarter’s numbers, even as SpaceX, which owns xAI, disclosed buying $269 million worth of Tesla Megapacks in April.
Last year, SpaceX spent $131 million on Tesla Cybertrucks, a figure that made up a meaningful portion of the 20,237 Cybertrucks Tesla sold in 2025, according to Kelley Blue Book.
