Tesla rises ahead of Q2 delivery report on European gains

Tesla shares rose about 2% on Wednesday as investors positioned ahead of the company’s second-quarter vehicle delivery report due Thursday. The move came while major U.S. indexes were mixed: the Nasdaq fell 0.4%, the S&P 500 slipped 0.1% and the Dow Jones Industrial Average rose 88 points.

Semiconductor and chip-related stocks declined. Micron fell about 6%, SanDisk dropped about 8%, Nvidia lost roughly 2% and Broadcom declined about 1%. Shares tied to SpaceX also moved lower.

Heading into Wednesday, Tesla shares had gained roughly 10.8% for the week after consecutive rises earlier in the week. Traders positioned for the delivery figures ahead of the scheduled release.

Estimates for Tesla’s second-quarter deliveries vary. Analyst surveys point to about 409,000 vehicles, a broader market consensus sits near 400,000, and Tesla’s company-compiled consensus is around 406,000 units. A result above those figures would be the company’s second consecutive quarter of year-over-year delivery growth; Tesla has not recorded back-to-back annual delivery growth since 2024.

National vehicle registration data for June showed year-over-year increases in several European markets. Registrations rose 39% in Denmark, 56% in Sweden and 5.6% in Spain. French registrations more than doubled from a year earlier. Norway was an exception, with registrations down about 43%; market observers attributed part of that decline to demand pulled forward ahead of incentive changes scheduled for 2026. Registrations are commonly used as a proxy for sales.

Tesla’s annual deliveries peaked at about 1.8 million vehicles in 2023 and declined in 2024 and 2025. Current projections expect a return to modest annual growth in 2026, with deliveries forecast near 1.7 million. Company decisions such as not developing an all-new lower-priced vehicle platform and shifting resources toward its Cybercab robotaxi program, the expiration of a federal $7,500 electric-vehicle tax credit for many buyers and increased competition from lower-cost manufacturers have been listed as factors affecting recent volumes. Higher gasoline prices during the quarter supported electric-vehicle demand in some markets.

Investors continue to factor longer-term opportunities in autonomous driving, robotaxis and artificial intelligence into Tesla’s valuation. The company’s delivery report is scheduled for Thursday and will provide updated vehicle volume data for the quarter.