Electric vehicle manufacturer Tesla Motors (TSLA) released its latest delivery figures on the 2nd, revealing that it delivered 480,126 electric vehicles in the second quarter of this year, significantly surpassing the general expectations of market analysts. However, this robust delivery data failed to boost investor confidence. Tesla's stock price fluctuated and declined throughout the trading day after opening, ultimately closing down 7.49%, marking its largest single-day percentage drop since July 24, 2025.
The data shows that Tesla's global deliveries from April to June increased by 25% compared to the same period last year, reaching a new quarterly sales high since Q3 2025. The Model 3 and Model Y remained the primary sales drivers, with combined deliveries of 467,762 units. Other models, including the Cybertruck electric pickup, accounted for 12,364 deliveries. Notably, as Tesla officially discontinued production of its traditional luxury models, the Model S and Model X, and stopped accepting new orders in Q2, some market analysts pointed out that a portion of this quarter's growth may have benefited from a "final purchase period" effect for these discontinued models. This has raised investor concerns about the sustainability of subsequent growth momentum.
Addressing the phenomenon of strong results paired with a sharp stock decline, Gene Munster, Managing Partner at Deepwater Asset Management, analyzed that this is a classic example in capital markets of "buy the rumor, sell the news." He noted that Tesla's stock price had already risen significantly for several consecutive days prior to the data release, essentially exhausting the positive news. Munster also pointed out that while the Q2 delivery growth was significant, investors are beginning to question the actual impact of high oil prices on boosting electric vehicle sales and are adopting a wait-and-see attitude regarding whether the industry's prolonged "EV winter" has truly ended.
Beyond its automotive business, Tesla also disclosed that its energy storage product deployments for the second quarter totaled 13.5 gigawatt-hours (GWh). This represents an increase from the 9.6 GWh recorded in the same period last year but fell slightly short of the 13.8 GWh anticipated by Wall Street analysts.
In contrast to Tesla's overall outperformance, the performance of traditional U.S. automotive giants and other new electric vehicle makers during the same period showed a divergence. Data released by Ford Motor (F) on the 2nd indicated that its overall Q2 sales declined by 10% year-over-year, influenced by factors including inventory constraints, with its electric vehicle sales plummeting by 40.7%. General Motors (GM) also reported a 4.2% drop in Q2 sales. Among emerging EV manufacturers, Lucid Group (LCID) delivered only 3,953 vehicles in Q2, missing market expectations. The company also faced management turmoil and layoffs, with its stock closing down 3%. Conversely, Rivian Automotive (RIVN) delivered 12,194 vehicles in Q2, exceeding expectations due to strong demand for its new models. The company raised its full-year delivery target, and its stock price surged 8% against the broader market trend.
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