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**Tesla’s Q2 Deliveries and Stock Performance**
Tesla reported 480,126 vehicle deliveries in Q2 2023, a 25% increase from 384,122 units in the same quarter of the previous year and significantly surpassing analyst expectations of 406,600. Despite this positive delivery news, Tesla’s stock fell by nearly 8% on the day the numbers were announced.
Investors are concerned as Tesla’s profits have drastically declined, dropping from $15 billion in 2022 to $3.8 billion in 2023. This decline, coupled with tightening margins due to increased competition and lower-priced offerings, has raised questions about the company’s high price-to-earnings ratio, which is above 370. Tesla’s valuation appears to hinge more on its artificial intelligence prospects than its electric vehicle market performance.
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