Tesla Visual China Data Map
Tesla's deliveries once again saw a double-digit decline.
On July 2, Tesla announced its second-quarter 2025 car delivery data: the delivery volume was 384,100 vehicles, a decrease of about 60,000 vehicles from the second quarter of last year, a year-on-year decrease of 13.48%. FactSet data showed that Wall Street analysts expected Tesla's delivery volume to be about 387,000 vehicles.
Among them, the delivery volume of the main model Model 3/Y was 373,700 units. The delivery volume of other models was only about 10,000 units, including Cybertruck. In addition, Tesla also deployed 9.6 GWh of energy storage products in the second quarter.
This was Tesla's lowest quarterly delivery volume since 2022 and its second consecutive quarter of double-digit declines. In the first quarter of this year, Tesla's deliveries fell 13% year-on-year to 336,700 vehicles. In the first quarter, Tesla attributed part of its car sales decline to customers delaying orders in order to purchase the refreshed Model Y that began shipping in March.
Tesla’s second-quarter data was described by foreign media as “as bad as Wall Street expected” and “Wall Street was already prepared for the disaster.”
Perhaps because the market was prepared, Tesla's delivery decline did not lead to a sharp drop in its stock price. Tesla rose 5% before the US stock market opened; as of press time, Tesla's intraday increase was more than 4%.
However, Tesla's stock price has far underperformed other technology stocks this year. According to statistics from CNBC, Tesla's stock price has fallen 26% so far this year, making it the worst performer among technology giants.
On the one hand, Tesla faces stiff competition, especially from Chinese electric car makers that sell newer, more affordable models, while on the other hand, CEO Elon Musk's political controversies have led to a wave of protests against Tesla that have damaged the company's reputation and affected sales.
The deterioration of his relationship with Trump has further deepened the negative impact on Tesla. According to CCTV News, on June 30, Musk once again criticized the so-called "big and beautiful" tax and spending bill pushed by Trump. He posted dozens of posts in a row, saying that those lawmakers who supported the bill should be ashamed, and said that if the bill passed, the "American Party" would be established the next day. On the morning of July 1, when asked "whether Musk would be expelled", Trump said "I have to think about it", and said that maybe the "Government Efficiency Department", a "monster that may bite back at its master", would be asked to deal with Musk, and once again emphasized that Musk "has received a lot of government subsidies". Trump also said, "The Government Efficiency Department will keep an eye on Musk, and we can save a lot of money", and said that Musk "should not play this game with me."
Morningstar senior analyst Seth Goldstein believes that even if sales pick up in the second half of the year, it will not be able to fully make up for the weak performance in the first half of the year. The market's focus is quietly shifting from "electric vehicle delivery growth" to "the commercialization progress of driverless taxis."
Musk himself has said many times before that Tesla is betting on solving the problem of fully autonomous vehicles, which is the key to the company's future growth.
Recently, Tesla has made new progress in the commercialization of autonomous driving. On June 22, local time, Tesla officially launched the Robotaxi service for driverless taxis in Austin, Texas, with about 10 new Model Ys put into use as Robotaxi. On June 28, Tesla achieved the first time in history that a vehicle was delivered to the owner by itself.
