Overview

• Tesla delivered 384,122 vehicles in Q2 2025, down 13.5% from a year earlier and marking the second straight quarterly decline.
• Global deliveries fell just short of the 387,000-unit consensus; production exceeded deliveries by about 26,000 units, leading to an inventory buildup.
• U.S. June sales plunged 15.8% to 45,628 vehicles; European deliveries continued to decline and China saw only modest growth against rising competition.
• Shares rose roughly 7% in premarket trading on the report, reflecting relief over tempered expectations despite ongoing bearish analyst outlooks.
• Tesla’s growth outlook is challenged by a Model Y production changeover, delays to affordable variants, potential expiration of the $7,500 federal EV tax credit, political backlash surrounding Elon Musk.