Tesla reported second-quarter vehicle deliveries of 384,122, slightly below analyst consensus but not as low as some feared, before Wednesday's stock market open. TSLA rose after the deliveries report.
The EV giant also released electric vehicle production numbers along with energy storage deployed data around 9 a.m. ET.
Tesla delivered 384,122 vehicles in Q2, down 13.5% compared to a year ago. Model Y and Model 3 vehicle sales totaled 373,728 units in Q2 while "other models" tallied 10,394 for the quarter. The other models include the Cybertruck, the Model X and the Model S. In Q2 2024, Tesla deliveries totaled 443,956. Meanwhile, the EV giant delivered 336,681 EVs in the seasonally slow Q1.
The consensus had Tesla Q2 vehicle deliveries of 387,180, according to FactSet. However, since the beginning of June analyst delivery forecasts ranged from 342,000 to 404,000.
Tesla produced 410,244 vehicles in the second quarter, with the bulk being Model 3 and Model Y vehicles. The company produced 13,409 "other models." Overall production ran nearly flat vs. a year earlier, when the EV giant produced 410,831 EVs.
The company also deployed 9.6 gigawatt-hours of energy storage products in Q2. A year ago, Tesla deployed 9.4 GWh. In Q1, Tesla deployed 10.4 GWh, marking a 156% increase vs. Q1 2024. But that was down slightly vs. 11 GWh of energy storage in Q4.
Tesla stock advanced nearly 5% to 315.65 during Wednesday's stock market, after declining 5.3% to 300.71 on Tuesday.
Analyst Reaction
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, wrote Wednesday that July 4 fireworks came "early for Tesla" with the deliveries release.
"While the company has seen significant weakness in China in previous quarters given the rising competitive landscape across EVs, Tesla saw a rebound in June with sales increasing for the first time in eight months reflecting higher demand for its updated Model Y as deliveries in the region are starting to slowly turn a corner with China representing the heart and lungs of the TSLA growth story," Ives said.
Ives added that if CEO Elon Musk "continues to lead and remain in the driver's seat," Tesla is "on a path to an accelerated growth path over the coming years with deliveries expected to ramp in the back-half of 2025 following the Model Y refresh cycle."
Meanwhile, William Blair analyst Jed Dorsheimer on Wednesday said that Tesla stock is reacting "positively" to the Q2 deliveries release "as investors feared worse" heading into the report.
"Today's in-line delivery numbers will be seen as a win and some reassurance that demand growth is simply slowing, rather than spiraling," Dorsheimer wrote Wednesday.
"Investors are more concerned about the robotaxi rollout and momentum in the shares will follow that closely. We expect continued volatility," the analyst added.
Vehicle Sales And Tesla Demand
Tesla vehicle sales have been under pressure in the U.S., China and Europe in Q2. Forbes reported Thursday that Musk fired Omead Afshar, Tesla's head of operations in North America and Europe. Afshar began at Tesla in 2011 and, during his tenure, reportedly became one of Musk's top lieutenants and most trusted allies.
At the end of last year, when Tesla predicted 20%-30% EV delivery growth in 2025, the Q2 consensus was 502,000.
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In a May 20 interview at Bloomberg's Qatar Economic Forum in Abu Dhabi, Musk said Tesla was not having any demand issues.
"We've lost some sales perhaps on the left but we've gained them on the right," Musk said, referring to where consumers place along the political spectrum. Musk's involvement with the controversial Department Of Government Efficiency had stirred protests and boycotts among those on the left.
"The sales numbers at this point are strong and we see no problem with demand," he said.
"Our stock wouldn't be trading near all-time highs if things weren't in good shape, they're fine, don't worry about it," Musk added at the time when TSLA shares were 29% below the all-time high of 488.54.
How Tesla Stock Is Responding To The Robotaxi Launch
Tesla Stock Performance
TSLA surged 8.2% on June 23 following the limited robotaxi service launch in Austin, Texas. However, Tesla stock has since erased those gains before closing with a 0.5% uptick last week, to 323.79.
TSLA stock could be building a short base within a much-bigger consolidation, according to MarketSurge charts.
Tesla stock tumbled Tuesday, as investors responded to Musk and President Donald Trump trading salvos online Monday and early Tuesday, sparring over the president's One Big Beautiful Bill Act. Trump once more threatened to strip Musk of government contracts and hinted at the possibility of deporting the South African-born Musk.
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At Wednesday's stock market close, shares are back below the 21-day exponential moving average, but right at the 200-day moving average and the 50-day moving average.
Investors could find aggressive entries, but there's currently no clear buy point.
Cathie Wood And Ark Invest purchased 56,368 shares of Tesla on Tuesday, according to daily trade disclosures. Wood spent an estimated $16.95 million on TSLA during Tuesday's stock market.
As of Wednesday's market close, Tesla stock has moved 33% higher on robotaxi bets following the April 22 Q1 conference call. Shares are down about 22% for the year, and 35% below their all-time high of 488.54.
Tesla stock has a 21-day average true range of 5.85%. The ATR metric, available on IBD's MarketSurge charting tool, gauges the characteristic breadth of a stock's behavior. Stocks that tend to make large jumps or dives in daily stock market action, the kind that can trigger sell rules and shake investors out of a stock, have a high ATR. Stocks that tend to make more incremental moves have lower ATRs.
Investors can keep tabs on the IBD Leaderboard watchlist, the IBD 50 list of top growth stocks and IBD SwingTrader along with the IBD Sector Leaders list.
Tesla stock has a 59 Composite Rating out of a best-possible 99. The stock also has a 67 Relative Strength Rating and a 59 EPS Rating.
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