![Tesla rallies after its Q2 deliveries tally tops the beaten-down expectations Tesla rallies after its Q2 deliveries tally tops the beaten-down expectations](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1500886695/image_1500886695.jpg?io=getty-c-w750)
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Tesla (NASDAQ:TSLA) reported 443,956 deliveries for Q2 to beat the consensus estimate for a tally of 439,302 vehicles. The electric vehicle maker said it produced 410,831 vehicles during the quarter. Tesla (TSLA) said 2% of the deliveries total was subject to operating lease accounting. Model 3/Y deliveries for the quarter were 422,405, while other models accounted for 21,551 deliveries.
Ahead of the report, analysts had been reeling in estimates on Tesla (TSLA) deliveries due to concerns over consumer demand, as well as registration data from Europe and China. Barclays cuts its forecast to 415,000 cars to have been delivered, which would mark an 11% year-over-year decline. RBC Capital Markets slashed its estimate to 410,000 vehicles after having a prior forecast just a few months ago for 533,000 deliveries in Q2. Meanwhile, UBS set its deliveries estimate at 420,000 units. For comparison, Tesla (TSLA) delivered 386,810 vehicles in Q1 and 466,140 vehicles a year ago in Q2. Tesla’s (TSLA) very highest deliveries tally in a quarter was Q4 of 2023, with 484,507 units delivered.
Before Tesla’s (TSLA) big robotaxi event on August 8, the electric vehicle juggernaut will report Q2 earnings on July 23. That report will throw another bright spotlight on the automotive gross margin line. Notably, Tesla (TSLA) has a recent track record of missing consensus quarterly estimates more times than beating them. Shares of TSLA have dropped in the week following earnings in three of the last four quarters.
Shares of Tesla (TSLA) jumped 4.52% in premarket action on Tuesday. The EV stock is up more than 20% over the last six weeks as some momentum has built up into the Robotaxi event.
Lucid Group (LCID) was up 0.55% premarket. Rivian Automotive (RIVN) showed a gain of 2.46%.