Tesla (TSLA) Q2 2026 vehicle delivery production

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The Tesla brand logo can be seen on May 28, 2026 at a location of the car manufacturer in Parsdorf near Munich (Bavaria, Germany).

Matthias Balk | Picture Alliance | Getty Images

Tesla reported vehicle deliveries and production levels for the second quarter that far exceeded Wall Street expectations, as Elon Musk’s automaker tries to rebound from consecutive annual declines in auto sales.

Here are the key numbers:

Total Q2 vehicle deliveries: 480,126
Total Q2 vehicle production: 451,758

Analysts were expecting around 406,600 deliveries, according to StreetAccount’s consensus. Tesla’s company-compiled consensus published last week was 406,024 deliveries.

In the same period last year, Tesla reported around 384,000 deliveries, and in the first quarter of 2026, the number came in at 358,023.

Thursday’s update showed a 25% year-over-year increase, and 34% increase versus the first quarter in deliveries for Tesla.

Shares of Musk’s EV maker sank about 3% on Thursday.

Tesla doesn’t break out exact delivery numbers by region or individual model, but the company said its entry-level Model 3 sedan and most popular Model Y SUVs accounted for 467,762, or 97% of its deliveries. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in its shareholder communications.

Tesla is trying to recover from consecutive annual declines in vehicle sales that were partly caused by a consumer backlash against Musk, the world’s wealthiest person, and by the loss of a U.S. federal tax credit. Musk’s incendiary political rhetoric, endorsements of anti-immigrant extremists in Europe, and his work with the Trump administration to shrink the federal workforce drove away some prospective EV buyers.

Meanwhile, Chinese automakers like BYD, Nio and Xiaomi came to market with an array of more affordable, and high-tech EVs, while Tesla also faced increased competition from South Korea’s Hyundai Motor Group and European EV makers including Volkswagen.

To revitalize sales, Tesla started selling lower-cost versions of its Model 3 and Model Y vehicles, and more recently made its driver assistance systems, marketed under the brand name Full Self-Driving (Supervised), available in some European markets.

The biggest boon for the company in the quarter may have been soaring gas prices resulting from the war in Iran. European car buyers purchased more Tesla and other EVs in the first half of the year. However, oil prices are now back near where they were trading before the war began in February, in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion.

In the U.S., car buyers have pulled back from fully electric vehicles, and are embracing hybrids, according to Dan Hearsch, managing director at AlixPartners.

“We have a huge country, and people live far away from each other compared to Europe where the charging infrastructure is better and people don’t have to drive quite so far,” Hearsch said.

In the second half of the year, inflation, shifting trade policy, the rising cost of chips and other components may pose the biggest challenges to U.S. automakers, he added.

Tesla stock chart.

Musk has directed Tesla to focus on ramping production and sales of its Semi electric trucks, and to start production of its driverless Cybercab. The company is also looking to begin production of its Optimus humanoid robots.

In Tesla’s first quarter investor update, the company said it was “optimizing” its vehicle portfolio, “with an emphasis on vehicles designed for a fully autonomous future” and expected “volume production of both Cybercab and the Tesla Semi this year.”

Tesla said in January that it would stop producing its flagship Model S and X vehicles, and would use their factory lines in Fremont, California to build Optimus units.

In its Energy business, which installs solar photovoltaics and sells battery energy storage systems, Tesla said it deployed 13.5 GWh in the second quarter of 2026, compared to 9.6 Gwh a year ago. Analysts expected 13.3 GWh.

Musk’s SpaceX, which owns xAI, bought $269 million worth of Tesla Megapacks in April, according to its IPO filing. SpaceX is using the Megapacks to reduce xAI’s electricity costs at its power-hungry data centers in and around Memphis, Tennessee.

In the second quarter deliveries report, Tesla did not disclose whether related-party transactions contributed to the strong numbers. Last year, SpaceX spent $131 million purchasing Tesla Cybertrucks. That dollar amount represented a large portion of the 20,237 Cybertrucks Tesla sold in 2025, according to Kelley Blue Book.

As of Wednesday’s close, Tesla shares were down about 5% this year, while the Nasdaq was up 12%.

Tesla plans to report second-quarter financial results on Wednesday, July 22, after the market’s close.

WATCH: The auto industry is facing a demographic cliff

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ServiceNow Just Ripped 29% in a Month. What Would It Take to Get NOW Stock Up to $150?

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Quick Read

NOW surged 29% in a month but remains 16% below its year-to-date open, with Wall Street consensus targeting $142.
WDAY and CRM surged 47% and 28% over the same period, confirming a sector-wide re-rating of enterprise AI names.
ServiceNow’s AI product crossed $1 billion in annual contract value as agentic deployments grew ninefold in nine months.
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The AI software rally has finally come for ServiceNow (NYSE:NOW), and few enterprise names have moved harder in August after Q2 earnings reset the agentic AI narrative across the group. The question now is a re-rating question rather than a breakout question, and $150 is the number setting the ceiling of that conversation.

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ServiceNow stock is up 29% over the past month to $127.23. The iShares Expanded Tech-Software Sector ETF (NASDAQ:IGV) is up 16% over the past month to $101.80, so shares are outrunning the software sector benchmark by a wide margin.

Through Monday’s close, ServiceNow shares were down 16% year to date, so $150 would only recover part of the earlier drawdown. The company completed a five-for-one stock split effective December 17, 2025, which is why that price level counts as a modest ambition rather than a fresh all-time high. Wall Street’s consensus target sits at $142.23, and the 52-week high is $194.73.

NOW price target — NOW Price Target — 24/7 Wall St.

The Q2 Report That Reset the Story

ServiceNow reported non-GAAP EPS of $0.90 against a $0.86 consensus on July 22, a 5.1% beat and its fourth consecutive quarter topping expectations. Revenue reached $3.99 billion, up 24%, and subscription revenue climbed 24.5% to $3.88 billion, both above the high end of guidance.

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The company’s ServiceNow AI product crossed $1 billion in annual contract value, and agentic deployments increased ninefold in nine months. Management logged 123 transactions above $1 million in net new annual contract value, up 40% year over year, and CEO Bill McDermott framed the quarter as evidence the company is “operating to the Rule of 56, well on our way to the Rule of 60.”

NOW earnings explorer — NOW Earnings Explorer — 24/7 Wall St.

What Would Actually Get NOW to $150

Remaining performance obligations at ServiceNow stand at $29 billion, with current remaining performance obligations of $13.20 billion, up 21%. Management raised FY26 subscription revenue guidance to $15.76 billion to $15.78 billion, or 22.5% growth, and set a long-term target of $30 billion or more in subscription revenue by 2030 alongside a Rule of 60 profitability profile. Analyst ratings break down as 10 strong buy, 34 buy, 3 hold, 1 sell, and 1 strong sell, so consensus is already skewed constructive.

NOW analyst ratings — NOW Analyst Ratings — 24/7 Wall St.

The bear read is that Q2 was flattered by U.S. Federal customers pulling on-premise subscription revenue forward from the third quarter, and Q3 2026 subscription guidance of $3.98 billion to $3.98 billion implies 20.5% growth, slower than the 24% just posted. GAAP subscription gross margin also fell to 73.5% from 80% on higher amortization of purchased intangibles following the Armis and Veza acquisitions, a reminder that acquired-growth costs show up before the synergies do.

How the Peer Set Frames the Move

Interestingly, Salesforce (NYSE:CRM) stock is up 28% over the past month to $205.82, keeping pace with ServiceNow’s rally as the two enterprise AI names trade together on agentic momentum. Meanwhile, Adobe (NASDAQ:ADBE) stock is up 23% over the past month to $273.25, extending the software-sector re-rating to AI-first ARR incumbents working through their own generative product transitions.

Checking in on another peer, Workday (NASDAQ:WDAY) stock is up 47% over the past month to $194.39, the largest one-month gain in this cluster and a signal that agentic workflow narratives are catching a bid across the board. The pattern is uniform across the peer set: enterprise names monetizing AI in production are being re-rated ahead of the fall earnings cycle.

The Path From Here

The re-rating case for ServiceNow rests on continued AI annual contract value acceleration, sustained current remaining performance obligation growth, and evidence that the Q3 deceleration is timing rather than trend. Forward EPS of $9.69 puts ServiceNow stock at a 31x forward P/E ratio, a reasonable multiple for a company compounding subscription revenue in the mid-20s.

NOW price scenario — NOW Price Scenario — 24/7 Wall St.

Investors sizing their exposure here can watch for whether the Q3 report confirms the agentic monetization story or exposes the pull-forward risk. Traders should keep their positions reasonable as ServiceNow stock is still 27% below its 52-week high and the guidance bar for the next quarter is lower than what management just cleared.

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Fact-checking the White House statement of facts about Canada

The White House issued a statement on Tuesday that lists “facts” about how Canada has abused its trading relationship with the United State “for decades.”

It was another move in the deepening trade war between the two countries. Talks over tariffs collapsed on Friday night when Prime Minister Mark Carney pulled out, saying the U.S. “asked too much and offered too little.”

Some of the claims the White House makes about Canada are true. Others are opinions that U.S. President Donald Trump has long held or claims that are open to debate. Here’s a look at what the White House said.

Are we alone with China in retaliating against U.S. tariffs?

The first point in the White House statement says: “Canada is joined only by the People’s Republic of China in choosing retaliation over negotiation.”

Although Canada has been negotiating with the U.S. for the past month, this statement appears to be true. Many trading partners have threatened to retaliate against Trump’s tariffs but have yet to do so.

With the trade war back in full swing, are you trying to buy Canadian again? We want to hear from you — email us at [email protected].

Mexico is in negotiations to reduce similar tariffs Canada faces on steel, aluminum and cars, but it has not threatened specific countermeasures.

Brazil is threatening action in response to U.S. duties. Both the U.K. and the European Union considered counter-tariffs after “Liberation Day” in 2025, but they decided to hold off.

Canada tariffs vehicles imported from the U.S.

The statement accuses Canada of imposing “discriminatory” tariffs of 25 per cent on imports of vehicles from the U.S. It characterizes the move as unfair, as it says the measures were “applied to no other country.”

This is strictly true — but the reason Canada imposed the tariff on April 9, 2025, is because the U.S. did the same days earlier. The tariff applies to non-CUSMA-compliant vehicles imported into Canada from the U.S., which is the equivalent of what the U.S. did to Canada.

The negotiations that fell apart on Friday were, in part, about eliminating or at least reducing that tariff.

Canada has banned most U.S. alcohol from shelves

One of the most high-profile actions Canadian provinces took after new tariffs were imposed by Trump in 2025 was to pull U.S. alcohol from the shelves of government liquor stores.

The White House statement says: “Canada banned American wine, beer, and spirits in nearly every province and territory — while other countries have faced no such restrictions. As a result, U.S. alcohol exports to Canada collapsed 81% in a single year.”

Bottles are lined up on a shelf in a brick building. — Bottles of Canadian liquor are shown at a B.C. Liquor store in Vancouver on Tuesday. (Ben Nelms/CBC)

It’s true that all provinces except Saskatchewan and Alberta have taken this step. Premiers have said in recent days that they would lift the bans only if Trump’s tariffs are substantially lowered or eliminated. Since trade talks collapsed, they say U.S. alcohol will not return to shelves any time soon.

In recent months, politicians in California have pleaded with Canada to lift the ban, saying it has hurt wineries in their state. In Kentucky, Gov. Andy Beshear acknowledged last week that the bourbon industry is hurting, as Canada is his state’s No. 1 trading partner.

Does Canada impose a 300% tariff on U.S. dairy?

Trump has repeatedly attacked Canada’s dairy industry, and the White House went there again.

“Canada locks out U.S. dairy with tariff-rate quotas far more restrictive than those given to Europe, plus over-quota tariffs of nearly 300% — rates so extreme they function as a near-total ban and rank among the highest agricultural tariffs in the developed world,” its statement claimed.

Canada has not locked out U.S. dairy. The rules are complex, but U.S. dairy producers can export to Canada tariff-free, up to a limit — which they have never reached. Beyond that limit, tariffs would be imposed that can reach 250 per cent. But that has never happened.

What particularly irritates the U.S. is that its retailers are not allowed to sell dairy directly in Canada. That’s why you can’t buy American milk in the grocery store.

But Canada’s agreement with the EU does allow some retail brands from there to sell their products here, particularly cheese. The U.S. says that’s unfair.

It should be noted that the current tariff rules on U.S. dairy entering Canada were negotiated and agreed to by Trump in his first term.

White jugs are lined up on a shelf. — American retailers are not allowed to sell dairy directly in Canada. That’s why you can’t buy milk from the U.S. in the grocery store. (Ben Nelms/CBC)

The U.S. trade deficit with Canada

Trump spends a lot of time focused on trade deficits, and he interprets them as a form of weakness.

The White House says, “Canada has extracted a persistent average annual goods trade deficit of roughly $50 billion from the U.S. over the last decade — while refusing reciprocal access.”

The overall number is correct (it was $48.5 billion in 2025, according to the U.S. Trade Representative). But as premiers and others have repeatedly noted, the only reason for that is because Canada exported 3.9 million barrels of oil per day to the U.S. last year.

States near Canada’s border need the oil, and it’s sold at below-market prices, a significant economic advantage for the U.S.

If that oil were removed from the calculation, the U.S. would have a goods surplus with Canada. In other words, excluding energy, it exports more stuff to Canada than Canada exports to the U.S.

WATCH | Feds announce ‘dollar-for-dollar’ counter-tariffs on billions in U.S. imports:

Feds announce ‘dollar-for-dollar’ counter-tariffs on billions in U.S. imports

Finance Minister François-Philippe Champagne says Canada will match the latest round of U.S. tariffs in a ‘proportionate, targeted and strategic’ way. Champagne says the tariffs, which will impact more than $27 billion in U.S. goods, are ‘all about fairness.’

Some White House claims can’t be fact-checked

The statement includes a series of “facts” that are actually opinions or claims that are open to debate.

For example, it says: “Without the United States, Canada could not survive. Canada sends roughly three-quarters of all its goods exports to America.” The figure here is correct, and although no Canadian officials deny the importance of the U.S. market, Canada’s survivability without the U.S. is a hypothetical that no one is seriously contemplating.

“The statement also says: “Canada’s failed trade policies are driving its own manufacturers south. A recent survey found 42% of Canadian manufacturers have already moved or are planning to move production to the U.S.”

The survey, by KPMG, says companies are moving or planning to move “due to economic uncertainty and trade and tariff threats,” not because of “Canada’s failed trade policies.”

The White House statement ends with a claim that the U.S. “has the clear leverage” since its economy is far larger. Although no one disputes the size advantage, the debate over who has the upper hand in this trade war is not settled.