Tesla’s global auto sales jump 25% in Q2

NEW YORK: Tesla reported a jump in second-quarter (Q2) auto sales Thursday, as Elon Musk’s electric vehicle (EV) company easily topped expectations in a period of lofty gasoline prices due to the US-Iran war.

Tesla’s global deliveries came in at 480,126, up 25% from the year-ago period when Musk’s work in president Donald Trump’s administration sparked consumer boycotts and protest.

Auto sales in the period overwhelmingly consisted of the Model 3 sedan and the Model Y sport utility vehicle, with fewer than three percent going to other vehicles, including Tesla’s futuristic Cybertruck.

Deutsche Bank had projected sales of 416,000, with growth led by Europe and China, offsetting a projected decline in North America.

Since leaving the White House in May 2025, Musk has emphasised Tesla’s investments in robotics, autonomous driving and artificial intelligence, while also pursuing other ventures, such as the stock listing of rocket company and satellite operator SpaceX.

This has diminished Tesla’s focus on refreshing its vehicle portfolio, prompting criticism from some leading Wall Street analysts who consider the company overvalued.

During its April conference call, Tesla said it was on track to spend more than US$25 billion in 2026 on envelope-pushing new technologies.

Tesla’s auto sales come on the heels of reports Wednesday that showed mixed results for EVs.

Leading General Motors EV models experienced sales declines, but Honda reported an increase in EV sales, as well as strong demand for hybrid models.

Shares of Tesla fell 2.1% in early trading. Shares had risen 12% in the three prior sessions.