Tesla Plunges 7.5% After Reporting Q2 Deliveries 10% Above Forecast
TSLA•Tesla shares plunged 7.5% on July 2, their steepest single-day decline in nearly a year, despite reporting second-quarter deliveries of 387,000 vehicles, about 10% above consensus estimates. The selloff followed an 8% rally three days earlier on optimism surrounding the rollout of its Full Self-Driving software update.
1. Share Price Decline
On July 2, Tesla shares sank approximately 7.5%, marking the largest one-day drop since August 2025. This decline erased recent gains and represented a sudden reversal after the stock had jumped over 8% in the previous three sessions.
2. Record Q2 Deliveries
Tesla reported 387,000 vehicle deliveries in the second quarter of 2026, exceeding the consensus estimate of roughly 350,000 by about 10%. This total set a new quarterly record, driven by strong production output at its Fremont and Shanghai factories.
3. Software Optimism vs. Selloff
Investor enthusiasm for the upcoming Full Self-Driving software update propelled the stock earlier in the week, but profit-taking appears to have outweighed confidence in operational results. The selloff suggests traders prioritized near-term gains over the impact of Tesla’s delivery strength.
