Tesla Shares Gain As Delivery Drop Comes In Less Severe Than Investors Expected

Tesla reported 384,122 vehicle deliveries in the second quarter, according to CNBC. The report marked a 14% decrease from the same period last year and the second consecutive quarterly decline. The number came in slightly below Wall Street expectations of 387,000 but was better than many investors feared, lifting shares nearly 5%. The EV giant is under pressure from rising competition, particularly from Chinese EV manufacturers offering newer and more affordable models. The company attributed part of its sales decline in the first quarter to customers delaying purchases in anticipation of the refreshed Model Y, which began shipping in March. Shares are down 22% year-to-date, but Tesla’s valuation rose back above $1 trillion. Tesla will report earnings on July 23.