Tesla (TSLA) delivered 480,126 electric vehicles in the second quarter of 2026, easily clearing Wall Street’s expectations. The Bloomberg consensus sat at 397,466. Tesla’s own compiled analyst estimate was 406,024. The actual number blew past both.
TSLA stock was trading down around 6.5% on Thursday morning, sitting near $397, even as the delivery numbers came in well above forecasts.
The delivery total marks a 25% jump from Q2 2025 and a 34% rise from Q1 2026. It was Tesla’s best quarter for EV sales since Q3 2025, when buyers rushed to take advantage of expiring US tax credits.
Tesla $TSLA delivered 480,126 vehicles in Q2, well above estimates around 396K to 406K.
Q2 breakdown:
Produced: 451,758 vehicles
Delivered: 480,126 vehicles
Model 3/Y deliveries: 467,762
Other model deliveries: 12,364
Energy storage deployed: 13.5 GWh pic.twitter.com/dLlWFGZ0aU— Wall St Engine (@wallstengine) July 2, 2026
The bulk of deliveries — 467,762 units — were Model 3 and Model Y vehicles. The remaining 12,364 came from other models, including the Cybertruck. Tesla discontinued the Model S and Model X last quarter, with limited edition handoffs wrapping up in May.
Gene Munster of Deepwater Asset Management called the result “the first sign we’re exiting the EV winter that started in March of 2024.”
International markets did the heavy lifting. Tesla registrations across greater Europe hit 28,610 in May alone, up 108% from a year earlier. Year to date through May, registrations reached 118,068 — a 57% year-over-year jump. Within the EU, May registrations more than doubled, rising 152%.
Deutsche Bank analyst Edison Yu noted that “international strength is doing the heavy lifting with Europe acting as the standout driver and China providing further support.”
That European surge came despite Elon Musk’s political profile remaining a liability in many markets. Buyers appear to be prioritizing price over politics.
The US picture is a different story. The expiration of federal EV tax credits has weighed on domestic demand. Cox Automotive estimates Tesla’s US sales are down around 20% as a result of losing that incentive.
Broader EV adoption in Europe, however, continues to climb. Battery-electric vehicles captured 20% of the EU market through May, up from 15.3% a year earlier.
On the energy side, Tesla deployed 13.5 GWh of storage products in Q2, up from 9.6 GWh in Q2 2025 and 8.8 GWh in Q1 2026. That came in slightly below the 13.8 GWh analysts had penciled in. CFO Vaibhav Taneja previously told investors the energy business is “inherently lumpy.”
Baird analyst Ben Kallo recently said the energy business may be “underappreciated by investors.”
Among Tesla’s EV peers, the quarter was mixed. Ford’s EV sales dropped 40.7% year-over-year. GM sales fell 4.2%. Lucid delivered 3,953 vehicles, missing the ~5,000 Wall Street expected. Rivian was the bright spot, delivering 12,194 vehicles and raising its full-year delivery outlook to 65,000–70,000 units.
Tesla stock is essentially flat for the quarter and down over 8% for the year.
The post Tesla (TSLA) Stock Drops 6% as 480K Delivery Beat Fails to Impress Wall Street appeared first on CoinCentral.
