Tesla Q2 Deliveries Beat at 480K but Shares Drop 8%

Tesla reported Q2 2026 deliveries of 480,126 vehicles on July 2, far exceeding the ~406,600 consensus and its own 406,024 forecast. Shares had rallied 12% into the report, closing at $420.60, on expectations of modest growth and AI catalysts. Despite the strong print and 13.5 GWh energy deployments, the stock sold off 8.3% to $391.30 as investors focused on margins, Michael Burry’s short position, and longer-term concerns ahead of full earnings on July 22.