Tesla on Wednesday reported a year over year decline in quarterly deliveries and missed Wall Street estimates, as consumer demand remained under pressure and anticipation grew around the launch of a lower-cost model later this year.
However, the quarterly figures exceeded market expectations, causing an immediate rise in the share price.
The electric vehicle maker delivered 384,122 vehicles globally between April and June, down from 443,956 in the same quarter a year earlier.
Of the total deliveries, 373,728 were Model 3 and Model Y vehicles, while the remaining 10,394 were made up of Model S, Model X, and the Cybertruck.
Production reached 410,244 units during the three-month period, slightly below the 410,831 units manufactured a year ago when Tesla had not yet launched the new Model Y.
Shares of the carmaker popped over 7% immediately after the results were released erasing concerns of a broader decline.
The company slightly missed its own compiled analyst consensus of 385,086 units, which was based on a survey of 29 analysts and released on June 27.
Independent forecasts varied, with FactSet estimating 390,000 units and Visible Alpha projecting 406,000.
The figures came in slightly above the 336,681 deliveries reported in the first quarter, when production was disrupted by factory upgrades and the transition to the new Model Y across several GigaFactories globally.
Production in the first three months of the year stood at 362,615 units.
X user ‘Troy Teslike’, an independent data analyst who closely tracks Tesla registrations, projected 356,000 deliveries for the quarter, citing order trends and region-by-region data.
His estimates have shown an average error margin of 3% since early 2022. This time, the forecast was off by 7.9%.
Several Wall Street analysts had trimmed their forecasts ahead of the release.
RBC Capital Markets had lowered its delivery estimate to 366,090 units, citing delayed purchases due to expected new product launches in the third quarter.
Deutsche Bank forecasted 355,000 deliveries, down from a previous estimate of 385,000.
JPMorgan expected a 19% decline in deliveries compared to a year ago, projecting 360,000 units, while TD Cowen predicted 362,000 vehicles.
In the United States, Tesla sold 45,628 vehicles in June, according to data from Motor Intelligence. The company’s monthly sales in its largest market have fallen year over year in every month so far in 2025.
In mid-June, Tesla unveiled the refreshed versions of its flagship Model S and Model X. According to the company’s website, the new iterations are expected to start being delivered in mid-August.
Tesla delivered 71,599 vehicles in China last month, a nearly 1% increase from the same month last year, according to data released Wednesday by China’s Passenger Car Association (CPCA).
It was the first time in eight months that monthly figures showed an increase year over year. Deliveries of models produced in the Giga Shanghai factory were up 16.1% from May.
Tesla also announced that it deployed 9.6GWh of energy storage in the quarter.
