Tesla just turned in a blowout delivery quarter, but investors didn't cheer. The EV maker says it handed over 480,126 vehicles in the second quarter of this year, far above Wall Street forecasts of about 406,000 and up 25% from a year ago, CNBC reports. Deliveries jumped 34% from Q1. Nearly all deliveries—about 97%, or 467,762—were the Model 3 and Model Y. Despite the figures, the stock fell almost 7% Thursday morning and is down more than 9% for the year, even as the Nasdaq is up double digits. The stock rose around 12% in the days before the figures were released.
The strong quarter follows two straight years of falling sales, which analysts have linked to both rising competition from Chinese, South Korean, and European automakers and to consumer backlash over Elon Musk's politics and the loss of a key US tax credit. Tesla lost its crown as the world's largest seller of electric vehicles earlier this year. The Iran war gave EV sales a boost in Europe, but analysts say Americans, who tend to drive longer distances, have embraced hybrids instead of fully electric vehicles.
Tesla has cut prices with lower-cost Model 3 and Y variants and expanded its "Full Self-Driving (Supervised)" system in Europe. The company is also pushing into trucks (Semi), robotaxis (Cybercab), and its Optimus humanoid robot, and has halted Model S and X production to free up factory space. Musk has said the Cybercab, which has no steering wheel, pedals, or side mirrors, will be on sale for below $30,000 by the end of this year, but analysts have doubts about the timeline, the Wall Street Journal reports.
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