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Tesla Falls 7.5% on Record Q2 2026 Deliveries of 480,126 — 'Buy the Rumor, Sell the Fact' as AI Pivot Overshadows Beat

Tesla delivered 480,126 vehicles in Q2 2026, up 25% year-over-year and roughly 74,000 above Wall Street's 406,024 consensus, marking its best-ever second quarter. Despite the record beat, shares fell 7.49% on Thursday — the stock's worst day in nearly a year — and have now declined on each of the past three quarterly delivery reports. Investors appear focused on Tesla's 204x forward P/E ratio and the Robotaxi and Optimus narrative rather than automotive fundamentals heading into July 22 earnings.