Quick Read – Tesla’s 480,126 Q2 deliveries crushed the 406,000 Wall Street estimate, a 25% year-over-year jump and the best Q2 in company history. – UBS raised TSLA’s price target to $442 and JPMorgan called a potential SpaceX merger ‘strategically coherent’ as physical AI…
minates the bull case. – Tesla plans $25 billion in capex this year on Optimus robots and autonomous Cybercabs ahead of July 22 earnings, a figure that is triple last year’s outlay. – Tesla’s Q2 delivery print reset the narrative. After two straight years of sales declines, Tesla (NASDAQ:TSLA) reported 480,126 deliveries and 451,758 vehicles produced in Q2 2026, blowing past Wall Street expectations
A Tesla-compiled consensus had targeted 406,024 deliveries, while StreetAccount’s average was 406,600. Bloomberg called it a 25% jump from the year-earlier period and the best Q2 performance in company history. The beat wasn’t a fluke of easy comps.
CFRA’s Garrett Nelson was cited by Bloomberg as saying, “This was a much stronger than expected deliveries number, which we think was primarily driven by China and Europe.” Energy storage deployments came in at 13.5 GWh, up over 50% from Q1 2026. The Market Is Already Looking Past the Cars Despite the beat, Tesla shares fell 7.5% on Thursday July 2, the steepest drop since July 2025, after four straight up days including a roughly 8% advance on Monday. Karobaar Capital CIO Haris Khurshid told Bloomberg: “Once the news actually arrived there just wasn’t as much left to get excited about.” Shares have since stabilized.