July 2 Tesla beat Wall Street expectations for second-quarter deliveries on Thursday, as recovering demand in Europe offset subdued demand in North America and intense competition from Chinese automakers.
The company delivered 480,126 vehicles in the April-June period, up about 25% from a year earlier
Analysts on average had expected deliveries of 402,776 vehicles, according to Visible Alpha data. Shares of the Austin, Texas-based company were up less than 1% in premarket trading. The company said it will report quarterly results on July 22 after markets close.
The recovery was driven by improving demand in Europe, where Tesla saw a rebound in demand in several key markets after a sharp slump last year that analysts partly attributed to brand damage from CEO Elon Musk’s political activities. Demand in the United States has also shown signs of stabilizing after a sharp drop following the expiry of the $7,500 federal EV tax credit at the end of September. Tesla has continued rolling out its Full Self-Driving (FSD) advanced driver assistance software in Europe, although it is available in only a handful of countries.