AUSTIN, Texas — Tesla began the second half of 2026 on its strongest note in two years, delivering 480,126 vehicles in the second quarter and ending a two-year stretch of year-over-year declines.
The number, released July 2, landed about 74,000 vehicles above Wall Street's consensus of roughly 406,000 and cleared even the most optimistic projections, including Goldman Sachs's raised call of 420,000 deliveries. It represents a 25% jump from the 384,122 vehicles Tesla delivered in the second quarter of 2025 and a 34% climb over the first quarter.
The best second quarter in company history
At 480,126 units, the quarter ranks as Tesla's best-ever Q2, surpassing the 466,140 vehicles delivered in the second quarter of 2023 and trailing only the all-time record of 497,099 set in the third quarter of 2025. Just as notable, Tesla delivered more cars than it built — 480,126 delivered against 451,758 produced — drawing down roughly 28,000 vehicles of inventory rather than adding to it. That is a sharp reversal from the first quarter, when the company built tens of thousands of cars faster than buyers took them.
The result answers the central question hanging over the company this year: whether the demand recovery was real or a one-quarter bounce. Two straight quarters of growth suggest the rebound has staying power.
Europe and China power the comeback
Much of the strength came from overseas. European registrations surged through the spring, with several markets more than doubling year over year — a striking turnaround from the soft 2025 the company had flagged in its Q2 delivery-day preview. China held up well behind the refreshed Model Y, while international momentum more than offset a softer U.S. market following the expiration of federal EV incentives.
