Tesla delivered a quarterly performance that far exceeded market expectations. Data released on July 2 showed that Tesla’s global delivery volume in the second quarter of 2026 was 480,126 vehicles, a year-on-year increase of approximately 25% and a month-on-month increase of approximately 34%. This number is nearly 20% higher than analysts’ previous estimate of about 406,000 vehicles, and also exceeded the most optimistic agency forecasts.
In terms of delivery structure, Model 3 and Model Y still occupy the absolute main force, with a total of 467,762 vehicles delivered, accounting for more than 97% of the total delivery volume; "other models" such as Model S, Model X, Cybertruck and Semi were delivered in total 12,364 vehicles. During the same period, Tesla produced 451,758 vehicles, with deliveries exceeding production by approximately 28,000 vehicles, reversing the inventory backlog in the previous quarter. The performance of the energy storage business was equally impressive, with 13.5 GWh of energy storage products deployed in the quarter, a year-on-year increase of approximately 41%.
This is Tesla's first quarterly positive year-on-year growth after two consecutive years of sales decline, and it is also the best second-quarter delivery performance in the company's history. The Shanghai Gigafactory made a significant contribution, delivering over 89,000 vehicles in June, a new high for the year.
However, the global pure electric sales top spot still belongs to BYD. BYD delivered 557,100 pure electric models in the second quarter, about 77,000 more than Tesla. Thanks to the continued increase in sales in overseas markets and the improvement of its product matrix, BYD's cumulative sales in the first half of the year have exceeded 1.8 million vehicles.
Although the delivery data far exceeded expectations, Tesla's stock price fell by about 7% that day. Market analysts believe that investors may be worried about continued price competition, profit margin pressure and the fierce competition in the Chinese market. Tesla will announce its complete second-quarter financial report on July 22, and profit performance will be the next focus of the market.