Tesla Reports Strong Q2 EV Deliveries, Stock Declines
Tesla (NASDAQ: TSLA) announced over 480,000 electric vehicle (EV) deliveries for Q2 2023, marking a 25% increase year-over-year and surpassing Wall Street estimates of 406,000 deliveries. Despite this positive news, Tesla’s stock fell by 7.5% following the announcement. The report was not part of Tesla’s formal Q2 earnings release, which is scheduled for July 22.
In addition to robust delivery numbers, Tesla also deployed 13.5 gigawatt hours (GWh) of energy storage products in Q2, up from 8.8 GWh in Q1. However, this is still below the 14.2 GWh deployed in Q4 2022, raising concerns among analysts about the growth trajectory of Tesla’s energy storage segment. The average price of gas rose to $3.83 per gallon amid geopolitical tensions, potentially driving increased interest in EVs.
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