It was the worst quarterly decline in the company’s history. Still, the result was better than feared and up from the 337,000 delivered in the first quarter of 2025. The latest analysts’ estimates heading into the report were in the range of 355,000 vehicles.

Tesla ( TSLA 4.77%) shares have tumbled 20% this year, while the S&P 500 (SNPINDEX: ^GSPC) has jumped 5%. Poor financial results driven by market share losses are the main source of consternation, but CEO Elon Musk has arguably damaged the brand with his behavior.