Tesla stock drops 8% despite strong second-quarter deliveries

Tesla shares fell 8.3% to an intraday low of $390 on 2 July despite reporting record Q2 deliveries of 480,126 vehicles, up about 25% year-on-year. The company produced 451,758 vehicles during the quarter, with deliveries exceeding production by over 28,000 units and enabling inventory drawdown. Energy storage deployments surged 40.6% YoY to 13.5 GWh, beating analyst estimates of 13.3 GWh, though the stock remains around 27% below its record high of $498.83 and is down 13% year-to-date in 2026. Full Q2 earnings are scheduled for 22 July.