**Tesla Reports Record Q2 Deliveries, Shares Decline 7.5%**
Tesla (NASDAQ: TSLA) announced a record delivery of 480,126 vehicles in Q2 2023, a 25% increase year-over-year and surpassing analyst expectations by approximately 74,000 units. This surge in deliveries marks a notable 34% increase from the 358,023 vehicles delivered in Q1 2023. Despite this achievement, Tesla’s stock plummeted 7.5% in a single session, marking its largest daily drop in nearly a year.
Investor concerns appear to be driven by the possibility that the high delivery numbers were a result of end-of-quarter incentives and a short-term spike in gas prices attracting buyers to electric vehicles. Furthermore, production figures fell short by about 28,000 units, leading to questions about inventory management and profitability. Tesla’s gross automotive margin was reported at 21.1% in Q1, and ongoing price cuts for new models could further impact profit margins, intensifying scrutiny as the company prepares to release detailed financial results on July 22.
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