Tesla Q2 Deliveries Beat Estimates 18% as Rivian Raises 2026 Guidance

Tesla reported Q2 production of 451,758 vehicles and deliveries of 480,126, exceeding consensus by 18%, yet shares declined as investors viewed the results as already priced into its $1.48 trillion valuation. The narrative evolved from late-June comparisons favoring Tesla’s profitability over Rivian’s cash burn to early-July focus on Tesla’s 21.1% auto margins and AI optionality versus BYD’s volume play. Attention then shifted to Rivian, whose 3.4x sales multiple, Uber-backed R2 SUV, and raised full-year delivery guidance to 65,000-70,000 now position it as a speculative challenger in the mass-market segment.