Tesla Q2 sales beat expectations with 480,126 vehicles delivered, but shares fall as BYD retains global EV lead
By
Kara Carlson, Jordan Fitzgerald
Summary
Tesla's Q2 vehicle sales surged 25% year-over-year to 480,126 units, significantly beating Wall Street's modest expectations of under 400,000 deliveries. Despite the strong sales performance in a slower-growing global EV market, Tesla's stock fell after four consecutive days of gains, suggesting the positive news was already priced in. The results come as Chinese rival BYD continues to hold the global EV crown.
Source
bskyTesla Q2 sales beat expectations with 480,126 vehicles delivered, but shares fall as BYD retains global EV leadlatimes.comKey quotes
· 4 pulledTesla Inc.'s vehicle sales beat Wall Street's modest expectations by a wide margin, gaining in a slower-growing global market for plug-in cars.
The Elon Musk-led company delivered 480,126 vehicles worldwide in the second quarter, a 25% jump from the year-earlier period and trouncing the average of analyst estimates compiled by Bloomberg for fewer than 400,000.
Despite the surprisingly positive result, Tesla's shares tumbled after four consecutive days of gains before the announcement, including a roughly 8% advance on Monday.
"Once the news actually arrived there just wasn't as much left to get"
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