Tesla delivered 384,122 vehicles in the June quarter, down 14% from a year ago and marking a second consecutive quarterly decline.
Wall Street was bracing for worse, with FactSet analysts forecasting around 387,000 deliveries and some independent predictions as low as 356,000.
Tesla also reported second-quarter production of 410,244 vehicles, including 396,835 Model 3 and Model Y units, its most affordable and popular models, and 10,394 other vehicles, including the Cybertruck. The steel-bodied pickup has now been recalled eight times since its November 2023 launch.
The EV maker is grappling with softening demand, rising competition from cheaper Chinese rivals, and political backlash surrounding CEO Elon Musk, who has drawn criticism for his support of former US President Donald Trump and Germany’s far-right AfD party.
Tesla blamed part of its Q1 decline on customers waiting for a refreshed Model Y, which began shipping in March. Some analysts, including Gene Munster of Deepwater Asset Management, believe Q2 could mark a turning point.
Despite Wednesday’s rally, Tesla shares remain down 22% year-to-date, the worst among tech’s megacaps. The company, however, still holds a market cap above US$1 trillion and will report Q2 earnings on July 23.
